45 Broad Street, New York, NY 10005
45 Broad Street, New York, NY 10005 - 12,603 SF Development Site
Marketing description
BKREA has been retained on an exclusive basis to arrange the sale of 45 Broad Street (“The Site”).
Represents a remarkable residential development opportunity in Manhattan’s Financial District.
One of the last development sites vested under the former 421-a tax abatement, providing a significant economic advantage.
Location Details
Located on the east side of Broad Street between Exchange Place and Beaver Street.
Situated in the heart of Lower Manhattan, surrounded by office, residential, retail, and hospitality uses.
Immediate proximity to the Broad Street subway station, enhancing accessibility and development incentives.
Site Specifications
Lot Dimensions: Approximately 63.44’ x 145.88’.
Lot Area: 12,603 square feet.
Current Condition: Fully demolished and construction-ready.
Foundation already constructed, providing substantial time and cost savings for a developer.
Development Plans
Zoning: C5-5 (R10), LM* — Special Lower Manhattan District.
Permitted As-of-Right Uses: Residential, office, retail, and/or hotel.
Allowable FAR:
10.0 FAR residential.
12.0 FAR residential with UAP.
15.0 FAR commercial.
Approved plans filed prior to City of Yes allow the site to achieve 12.0 FAR residential using the residential recreational space bonus.
Air rights acquired from the adjacent northern parcel (Lot 10), increasing total allowable ZFA to 263,061 square feet.
Approved plans call for 299 residential units.
Eligible for an additional floor area bonus of up to 20% pursuant to ZR §66-51 due to proximity to the Broad Street subway station.
Neighborhood Demand Drivers
Located in the Financial District, one of Manhattan’s fastest-growing residential neighborhoods.
Strong demand driven by luxury residential development, corporate office presence, and expanding retail and dining options.
Excellent transit access with multiple subway lines within walking distance.
Opportunity Highlights
Shovel-ready development site with demolition and foundation work complete.
Rare 421-a vested asset in Lower Manhattan.
Approved plans and acquired air rights significantly reduce entitlement risk.
Flexible zoning allowing residential, commercial, or mixed-use development.
A transformative, large-scale opportunity in a premier downtown location with exceptional long-term value.
Investment highlights
Flexible Zoning Opportunity - The flexible zoning permits residential, office, hotel, retail, and community facility uses. Additionally, the location makes any combination of these uses highly desirable.
Vacant Possession - The existing structures have been demolished, providing purchasers with time and cost savings.
421-A / Approved Plans - The site has approved plans used under the former 421-a tax abatement, providing developers with the opportunity for substantial long-term real estate tax savings under phased project economics. Designed as 299 units, construction may proceed without prevailing wage requirements.
MTA Mass Transit Bonus - Given the site’s proximity to the Broad Street Subway station, it qualifies for an additional floor area bonus of up to 20%, including residential pursuant to ZR §66-51.
Constructed Foundation - The foundation has already been constructed, allowing potential purchasers to realize significant time and cost savings. Please refer to the data room for more information.
Coveted Location - 45 Broad Street is ideally situated in the heart of the Financial District, allowing developers to benefit from the area’s dense concentration of global financial institutions, strong residential demand, and its evolution into a vibrant, 24/7 live-work-play neighborhood.
Advantageous Accessibility - The site is approximately 0.1 miles from the Broad Street station (J and Z lines) and roughly 0.2 miles from the Wall Street stations (2, 3, 4, and 5 lines), offering convenient access to Midtown and Uptown, as well as direct connectivity to Brooklyn via the J and Z lines.
Institutional Anchors Nearby - The property is surrounded by some of Lower Manhattan’s most significant institutional anchors, including the New York Stock Exchange, One World Trade Center, and City Hall. These institutions, along with major corporate headquarters and government offices, provide deep employment bases that support sustained demand for residential.
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