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BKREA is representing Gemdale Properties in the sale of 45 Broad Street, a prominent development site located directly across from the New York Stock Exchange in Manhattan's Financial District. The 12,600-square-foot property went under contract in October 2026 after plans for a supertall luxury condominium tower stalled. According to The Real Deal, the seller was seeking a price in the $60 million range, although the buyer and final contract price had not been disclosed at the time of reporting.
The site offers significant development potential, with an existing foundation and zoning that permits residential, office, retail, or hotel uses. Previously planned for a 1,100-foot condominium tower with 226 units, the property was later proposed for a 52-story building with 302 residential units. Its development flexibility, established foundation, and potential benefits under the former 421-a tax abatement program make it a notable opportunity for developers and investors in Lower Manhattan.
Located directly across from the New York Stock Exchange, the site occupies a prominent position in Lower Manhattan, surrounded by major businesses, transportation, residential buildings, and retail amenities.
The property entered contract in October 2026, with the seller reportedly seeking a price in the $60 million range. The final contract price and buyer had not been publicly disclosed in the initial report.
Previous plans included a 1,100-foot luxury condominium tower with 226 units, followed by a revised 52-story, 302-unit residential proposal. The site also permits other uses, subject to applicable zoning and approvals.
The site's foundation has already been constructed, potentially reducing the time and expense associated with starting a new development project.
The property was marketed as one of the remaining development sites vested under the former 421-a tax abatement program, an important consideration for prospective developers evaluating project economics.
Permitted uses include residential, office, retail, and hotel development, giving a future owner flexibility to evaluate different strategies based on market conditions.
Bob Knakal of BKREA marketed the property, bringing specialized investment sales experience and access to prospective buyers evaluating large-scale Manhattan development opportunities.
The contract for 45 Broad Street highlights the changing economics of large-scale development in Manhattan. Although the original supertall condominium vision stalled, the property retains substantial development potential through its location, existing foundation, and flexible permitted uses.
For investors, the opportunity illustrates the importance of reassessing development strategies as construction costs, financing conditions, and residential market demand evolve. For property owners, it also demonstrates how specialized brokerage expertise can position complex development sites for prospective buyers.
Where is 45 Broad Street located?
The property is located in Manhattan's Financial District, directly across from the New York Stock Exchange, between Exchange Place and Beaver Street.
What is the reported price for 45 Broad Street?
The seller was reportedly seeking a price in the $60 million range. The final contract price had not been disclosed in the initial report.
Who is selling the development site?
Gemdale Properties is the seller, with Bob Knakal of BKREA marketing the property.
What can be developed at 45 Broad Street?
Potential uses include residential, office, retail, or hotel development, subject to applicable zoning requirements and approvals.
Why did the original condominium project stall?
The original supertall condominium plans were put on hold amid market and development challenges. A later, smaller residential proposal was also filed, but the site is now being marketed with multiple potential development options.
What makes the property attractive to developers?
Its Financial District location, existing foundation, flexible zoning, and potential eligibility under the former 421-a tax abatement program are important considerations for prospective buyers.
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