$86 million land sale in Lower Manhattan closed by HFF
NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of a 12,600-square-foot, development-ready land site located at 45 Broad Street in Lower Manhattan.
HFF marketed the site on behalf of the seller, LCOR. A partnership led by Madison Equities with The Pizzarotti Group purchased 45 Broad Street for $86 million.
The development site is zoned for residential, commercial or mixed-use space and has no height restriction, allowing for panoramic river, harbor, skyline and horizon views. The site is located between Exchange Place and Beaver Street in Lower Manhattan, an area of the city that has seen numerous new developments as of late, such as the World Trade Center, South Street Seaport, Brookfield Place and Fulton Center. In addition, more than one million square feet of luxury retail space is slated to open in Lower Manhattan in the next year.
The HFF investment sales team was led by senior managing director Andrew Scandalios, managing director Jeff Julien, director KC Patel and senior managing director Jose Cruz.
“Lower Manhattan has seen an unprecedented influx of capital recently, which has led to a residential resurgence in the area and soaring luxury condo demand,” said Scandalios. “This neighborhood is an ideal live/work environment with a diverse employer base including firms Goldman Sachs, American Express, Moody’s and Merrill Lynch, complemented by an improved public transit system, world class cultural attractions an abundance of schools, high-end retailers, award-winning restaurants and parks.”
LCOR is a fully-integrated real estate company with a mission to create better places to live, learn, work, travel and play. LCOR specializes in core urban development and acquisition/redevelopment opportunities where assets can be repositioned or rehabilitated to add value. The company is a pioneer and leader in public/private development, including government spaces, aviation facilities and infrastructure. LCOR’s real estate operating and development business manages approximately 8,000 multifamily units, 7.5 million square feet of commercial space and a substantial development pipeline of mixed-use real estate in core markets. Nationally, LCOR has development more than 21,000 residential units and 18 plus million square feet of commercial space. LCOR is principally focused in the eastern United States with offices in New York City and the Washington, D.C. and Philadelphia metro areas.
About Madison Equities
Founded in the mid 1960’s, Madison Equities has built its reputation over 40 creative years, developing high-quality office, retail, residential, hotel and mixed-use buildings throughout Manhattan. Madison Equities possesses expertise in all aspects of development including site selections, assemblage and possession, financing, zoning and permitting, contract negotiation and the oversight of architectural and engineering design.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.