The developers of the proposed supertall condominium at 45 Broad Street are projecting a sellout of $624.4 million, according to an offering memorandum for construction financing obtained by The Real Deal.
Robert Gladstone’s Madison Equities is partnering with Gemdale Properties and Investment, Impresa Pizzarotti & CSpA and AMS Acquisitions on the Financial District project. The developers are looking to break ground in September on the 84-story, 1,127-foot-tall residential-and-office condominium tower.
The firms are in the market for a $287 million construction loan, about 65 percent of the projected total cost of $442 million. The desired financing is a five-year, interest-only loan that would be secured by September.
The memo also sheds light on apartment pricing and new details about the tower. The 206 apartments will ask, on average, $2.7 million apiece. Apartments will range from studios to four-bedrooms — from 601 to 3,066 square feet in size.
The gross residential sellout would come to $560.6 million, while the six-floor, 57,800-square-foot office component’s sellout would be $55 million. The partners are projecting a total profit of $137.2 million, the memo shows.
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