Gemdale Properties & Investment, Impresa Pizzarotti & C. SpA and Madison Equities Join Forces on Transformational Downtown Manhattan Development
New York, NY (June 9, 2016) – 45 Broad Street
Madison Equities, Impresa Pizzarotti & C. SpA (“Pizzarotti”) and Gemdale Properties and Investments Corporation Limited (“Gemdale PI”, 535.HK), an affiliate of Gemdale Corporation (600383.SH) which is one of China’s largest and leading real estate developers, announced today their formation of a joint venture to co-develop 45 Broad Street, a mixed-use project comprised of 206 residential condo units as well as 59,000 square feet of boutique office space in Lower Manhattan, several hundred feet south of the New York Stock Exchange on the corner of Wall Street and Broad Street. The office component of the project will benefit from the lack of new boutique office space in Lower Manhattan’s Financial District, with virtually no new boutique office space having been developed over the past 30 years. The residential portion of the building starts at approximately 250 feet and will include panoramic water and area landmark views. The project will be an architecturally iconic symbol rising in Lower Manhattan, designed by leading architectural firm CetraRuddy.
The project’s residential condominium units will be attractively priced to capture demand in the affordable luxury segment of the marketplace, an undersupplied market segment in Manhattan. The project will be highly amenitized throughout, including state-of-the-art appliances, engineered wood floors, marble and ceramic stone, a 75-foot indoor lap pool with a double height ceiling, bike storage, residential storage, state-of-the art gym and fitness facilities, ground floor garden, a 9th floor sky garden with indoor and outdoor spaces, a game room, separate children and teen playrooms, and a media and entertainment area. The project will also contain a distinctive open air, landscaped residential amenity space on the 38th floor at an elevation of approximately 500 feet, which will serve as an additive element within Lower Manhattan given its visibility from the area’s street levels.
Pizzarotti-IBC, an affiliate of Impresa Pizzarotti will serve as the project’s General Contractor.
According to Robert Gladstone, Chief Executive of Madison Equities, “We are delighted to be an integral part of the further positive transformation of New York City’s Financial District into an increasingly vibrant community.”
According to Jason Zhu, Chairman of Gemdale USA, “This distinctive 45 Broad Street project, with its panoramic views, benefits from over $30 billion of infrastructure and related improvements in the surrounding neighborhood, as well as surging residential and commercial activity. Lower Manhattan contains a considerable number of historical landmarks and draws millions of tourists annually. Traditionally, it has served as the center of trade and finance for the United States. The neighborhood includes within a short walking distance, Stuyvesant High School, one of New York City’s leading public schools, as well as Leman Manhattan, a private preparatory school next door to the project.”
Giorgio Cassina, Managing Director of Pizzarotti added, “Pizzarotti’s real estate experience in markets such as Italy, France and the Principality of Monaco, together with more than a century of experience in construction in numerous countries, is of great value to our partners. Working with Madison Equities and Gemdale PI on such a unique project in New York is a wonderful new opportunity to bring all of our international expertise to this development. Serving as a co-developer and builder of such an iconic project will highlight the qualities that our vast experience in special projects in residential, healthcare, hotel and other developments have provided us.”
An increasing number of media and related employers are relocating to the neighborhood, including Time Inc., Condé Nast, Harper Collins, Droga5, Group M and MediaMath. In terms of infrastructure improvements, over the past decade, billions of dollars have been poured into the area’s transportation and infrastructure, making Lower Manhattan one of the most technologically-advanced areas of New York City. The residential population of Lower Manhattan has tripled over the past 10 years, to over 65,000 currently. Additionally, the technology sector is also becoming increasingly important, with the high-tech NYSIA Incubator located at 55 Broad Street, next door to the project.
According to Michael Krupa, President of Gemdale USA, “We are delighted to work with leading New York City based developer, Madison Equities, with a 50-year history of developing exceptional projects throughout New York City along with our partner Pizzarotti, one of the leading construction companies in Italy, with over 100 years of experience. Moreover, we are delighted and honored to participate in helping further transform the fabric of Lower Manhattan.”
Madison Equities is highly regarded for its ability to bring creative solutions to complex and large scale real estate development, as well as for its commitment to innovation in architecture, interior design and construction techniques. Since its founding in the mid 1960’s, Madison Equities has successfully developed millions of square feet of high quality commercial, residential and hotel properties throughout Manhattan.
Among its most-prized early developments are the three buildings built on East 57th Street: The Excelsior, the first truly mixed-use luxury building in NYC; the Galleria, one of the country’s tallest residential buildings upon completion in 1975; and the internationally renowned 135 East 57th Street, known for its prominent concave façade and iconic roman temple. Madison also built the W Times Square Hotel along with the world’s tallest signage tower and the Marriott Courtyard on the Upper East Side, pushing boundaries of the chain’s customary brand standard. Madison has also received praise with the multiple award winning condominium Chelsea Modern, distinctly designed by its signature undulating glass façade and the classically modern boutique condominium 57 Irving Place, located south of Gramercy Park. The company is completing 10 Sullivan, a high end luxury condominium with four adjacent townhouses on a triangular site in SoHo, and the conversion of the former office building at 26th Street and Fifth Avenue on Madison Square Park, known as 212 Fifth Avenue, to a luxury condominium. Madison Equities is headed by Robert Gladstone who has provided its vision for 25 years.
About Impresa Pizzarotti
Pizzarotti & C. SpA, founded in 1910, has experienced consistent growth since its founding in 1910. Continuous innovation and technological excellence are key principles driving the company’s success. Operating in different countries in such sectors as infrastructure, construction, concessions and real estate, and a strong investment in the geographical diversification of its portfolio, has led the company, over the past few years, to expand its presence in key targeted markets around the world.
The firm’s range of services cover the design, construction and management under concession of works such as transport infrastructure, highways, railways, tunnels, bridges, dams, hydraulic works, real estate, hotels, luxury residential and healthcare, with a keen sensitivity to the full respect and protection of the environment
About Gemdale Properties and Investment
Gemdale Properties and Investment, a subsidiary of Gemdale Corporation, is a leading real estate developer and operator in the Greater China region. Gemdale PI is listed on the Hong Kong Stock Exchange (535.HK) and is principally engaged in residential, commercial and business park property investment, development and management. Gemdale PI currently operates 43 projects covering 15 major cities in China. Since its first investment in the U.S., in Los Angeles in 2015, Gemdale PI has expanded rapidly in the international property market and intends to expand its presence in other carefully selected major metropolitan cities around the world.
Gemdale Corporation (600383.SH) was founded in 1988 and listed on the Shanghai Stock Exchange in 2001. Gemdale Corporation is renowned for being a large-scale national property developer in China with highly regarded projects throughout the country. While Gemdale’s roots are in the residential condominium sector, with over 45,000 residential condominium units built and sold in 29 major cities in China in 2015 alone, Gemdale has also embarked in recent years on commercial/mixed-use developments as well as real estate private equity funds management. Gemdale has received numerous real estate industry awards over the years, including “Top 10 China Listed Real Estate Companies in terms of Comprehensive Strength,” “Blue Chip Property Developers in China,” and the “Most Valuable Listed Real Estate Enterprise in China,” amongst other honors.