Developer Madison Equities says a Manhattan supertall expected to be delivered at 340 metres tall will instead be reformulated as a shorter tower. As reported by The Real Deal, the CetraRuddy-designed 45 Broad Street has been put on hold due to "market conditions," and a revised version approximately 24 metres shorter will be presented at a later date.

"45 Broad Street remains a top priority for the development team, and we have strong long-term confidence in the project's viability," a spokesperson for Madison and Gemdale said after The Real Deal reached out for comment. "Due to short-term conditions in the Lower Manhattan market, we have decided to delay on constructing the building in the near future."

45 Broad Street, image via CetraRuddy Architecture

The haircut is in response to Federal Aviation Administration requirements. The project, a joint venture with Gemdale Properties, will still retain its supertall status. It's not yet clear when work will resume.

Construction company Pizzarotti is also no longer involved in the project, which proposed 206 residential units, 62,000 square feet of commercial space and a 94,000-square-foot school. The contractor had completed drilling and piling for the tower before the development was placed on hold.

The site was acquired by Madison Equities in 2015 for $86 million USD. One year later, Chinese developer Gemdale grabbed an 81.3 percent stake in the project for $69.9 million USD. 

Sales of luxury units in Manhattan's Financial District struggled in 2019, declining almost 45 percent quarter over quarter by the end of last year. The luxury market on the island as a whole hasn't fared much better—an oversupply of available units is leaving many homes empty.

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