Madison Equities, Pizzarotti and Gemdale strike $62M refi from Shanghai Commercial Bank for dev site in Financial District

Robert Gladstone’s Madison Equities, Pizzarotti and Gemdale through the entity Madison 45 Broad Development LLC as borrower signed a loan agreement with lender Shanghai Commercial Bank Ltd. valued at $61.5 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 October 28, 2019 and was recorded on November 14, 2019.
The property contains a total of square feet of built space. The property has 132,020 square feet of available development rights.
The average loan per buildable square foot is $466.
The last time the entire property sold was October 23, 2015, when Madison Equities purchased it for $86,000,000, then in 2016 Gemdale bought a stake for $69.9 million. This is a refinance of an acquisition loan for a development site, but this is not construction financing and no construction financing has been recorded.

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 355,257 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