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BKREA is representing Gemdale in the offering of 45 Broad Street, a prominent development site located in the heart of Manhattan's Financial District, near the New York Stock Exchange. The property is being marketed for $60 million and presents an opportunity to develop a significant residential or commercial project in one of Lower Manhattan's most established business districts.
The 12,600-square-foot site features a previously constructed foundation and development potential for a 302-unit building. With its prime location, existing development groundwork, and potential eligibility under the former 421-a tax abatement program, the property offers flexibility for developers seeking to capitalize on demand for residential and commercial space in Downtown Manhattan.
Situated at 45 Broad Street, near the New York Stock Exchange, the property benefits from its position within a major business district with access to transportation, employment centers, and Lower Manhattan amenities.
The development site is being marketed at $60 million, representing approximately $4,762 per buildable square foot, according to Traded's listing.
Previous plans included a 52-story building with 302 residential units. The site may also accommodate alternative residential, office, retail, or hotel uses, subject to applicable approvals.
The property has an existing foundation, providing a significant development consideration for prospective buyers evaluating construction feasibility and project costs.
The site has been marketed as one of the properties vested under the former 421-a tax abatement program, an important consideration for developers assessing its potential economics and development strategy.
Bob Knakal of BKREA is representing the seller, bringing extensive experience in New York City investment sales and development site transactions.
45 Broad Street represents a substantial development opportunity in a globally recognized commercial district. Its location, existing foundation, and potential development flexibility make it a compelling property for developers and investors evaluating opportunities in Lower Manhattan.
The offering also highlights the importance of understanding zoning, development rights, construction feasibility, and tax considerations when evaluating complex urban development sites.
Where is 45 Broad Street located?
The property is located in Manhattan's Financial District, near the New York Stock Exchange.
What is the asking price for 45 Broad Street?
The site is being marketed for $60 million, according to Traded's listing.
Who is representing the property?
Bob Knakal of BKREA is representing the seller, Gemdale.
What is the development potential of the site?
Previous plans proposed a 52-story building with 302 residential units. Alternative uses may include residential, office, retail, or hotel development, subject to applicable approvals.
What makes the property attractive to developers?
Its Financial District location, existing foundation, development potential, and potential former 421-a tax benefits are key considerations for prospective buyers.
What is BKREA's role in the transaction?
BKREA represents the seller and provides investment sales expertise to market the development site to prospective buyers.
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