Gemdale, Madison Equities raise debt by $20M from Shanghai Commercial at 45 Broad to $81.5M

Gemdale and Madison Equities through the entity Madison 45 Broad Development LLC as borrower signed a loan agreement with lender Shanghai Commercial Bank Ltd., New York Branch valued at $81.5 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 45 Broad Street in Financial District. The deal closed on May 28, 2020 and was recorded on June 10, 2020.

Gemdale, Madison Equities, Impresa Pizzarotti announced in 2016 they would construct a new 206-unit condominium building at 45 Broad Street. The Real Deal reported in January 2020 that the project would be delayed and that Pizzarotti was no longer a partner. The last time the property sold was October 23, 2015, for $86,000,000. Zhu Yi was the signatory for the loan, which added a $20 million second mortgage.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 356,644 square feet. Those plans include a total of 150 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link