NewsLette

Gemdale Teams up with Its International Partner to Build a New Landmark of New York Wall Street

2016-06-23

On June 8, GPI, Madison Equities and Impresa Pizzarotti & C. SpA from Italy announced the incorporation of a joint venture for project development at 45 Broad Street, Broadway New York. The project is located near the financial district Wall Street, Lower Manhattan, and is adjacent to the New York Stock Exchange (NYSE) and the Federal Hall National Memorial (where George Washington was sworn in as the First President of the United States).

The project has a covering area of 1,171 m2 and a total construction area of 42,500 m2. It is planned to be an 84-storey and 335-meter high mixed-use project comprised of 7-storey boutique office space targeting the creative industry, 206 residential condominium units and 3-storey underground supporting service facilities. The project will be commenced in October 2016 and be completed in July 2019, after which it is expected to be a new landmark of Wall Street and the NYSE. 

Head of Gemdale USA introduced that the project had a predominant geographic location at Broad Street that is the earliest street in Manhattan, adjacent to the Broadway and the Wall Street, opposite to the NYSE, and upon the other side of the Freedom Tower built after 911. With two large parks newly built nearby and famous private schools to the next door, the area that has the longest history in New York increasingly becomes a social and residing community for more and more white-collar workers and elites. The 7-storey boutique office space will offer office places to technological, innovative and media enterprises in Manhattan while the 206 residential condominium units will provide a brand-new residential experience to white-collar workers and elites with high quality and intelligence. To meet the demands of the high-end market segment, the project features safe and sound 3-storey underground supporting service facilities, a 75 ft long indoor room temperature swimming pool, a high-class gym, a ground floor garden, a garden in the air on the 9th floor, an activity space for children and teenagers, a media and entertainment room and 38-storey full-view balconies.

Head of Gemdale USA said that the boutique office space in the financial district of Manhattan was in short supply as the project was the only new real estate project in this financial district for almost 30 years. Meanwhile, with a total investment of over USD 30 billion in Lower Manhattan from the government and private enterprises, a large number of supporting service facilities in the neighborhood were upgraded and transformed accordingly. Besides the traditional finance industry, the Lower Manhattan would also be built into a gathering place for the technology industry, the innovative industry and the cultural industry, and the anticipated return was quite promising. In addition, due to the irreproducible geographic location and the unique architectural planning, the project would definitely become a new landmark of New York.

As for the partner of the project, GPI introduced that Madison Equities was a leading real estate developer in New York with more than 50 years’ experience in professional real estate development. As a prestigious enterprise in the industry, Madison Equities does a good job in providing comprehensive and large-scale real estate projects with creative solutions, and is committed to innovation in the building system, the interior design and the building technology. Since its establishment in 1960s, Madison Equities has successfully developed high-quality commercial, residential and hotel projects of millions of square meters in Manhattan district. Impresa Pizzarotti & C. SpA from Italy, established in 1910, is a leading construction company with a history of over a hundred years. With real estate development experience in Italy, France and Monaco, Impresa Pizzarotti & C. SpA has an extensive business coverage to every corner of the world and its business scope include infrastructure construction, engineering construction, foreign settlement construction, real estate development and diversified regional investment portfolio. In recent years, it has been focusing on the exploration in major international markets. The joint development of the project at 45 Broad Street between Gemdale and the above-mentioned two companies will see the convergence of the best resources in the world to build a new landmark of New York.