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News release

NEW YORK, NY

Prime Manhattan Development Site Slated for a Condominium Tower

JLL secures $75 million in land acquisition financing for 45 Broad Street


NEW YORK, Nov. 4, 2015 – New York’s appetite for condominiums remains robust as evidenced by the city’s latest deal. On behalf of Madison Equities LLC and The Pizzarotti Group, JLL’s Capital Markets experts today announced the firm has secured $75 million in land acquisition financing for 45 Broad Street, a development site located in Manhattan’s Financial District. The senior mortgage was led by Mack Real Estate Credit Strategies.
 
Managing Director Dustin Stolly and Senior Vice President Jonathan Schwartz led the JLL team on the transaction.
 
“The location of 45 Broad Street and the resurgence of lower Manhattan represents an extremely rare development opportunity,” said Stolly. 
 
The proposed luxury condominium tower will rise 65 stories. Located in downtown Manhattan’s Financial District, the development site is within walking distance to large employers across financial services, law, and technology sectors as well as retail offerings and cultural attractions.
 
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.
 
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About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $57.2 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com