Updated Oct 20, 2026
Gemdale Sells Development Site At 45 Broad Street In Financial District For $60 Million
45 Broad Street
$60,000,000
Units
302
Asset Type
Development Site
Closing
Oct 19, 2026
About this deal
AI
The property asset involved in this transaction is a 12,600-square-foot development site located at 45 Broad Street in the Financial District of Manhattan, currently under contract. The site was listed at an asking price of $60,000,000, translating to a price per buildable square foot (PPBSF) of $4,762.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $60,000,000
- Address: 45 Broad Street
- Market: Financial District, Manhattan
- BSF: 12,600
- PPBSF: $4,762
- Seller: Xu Kai - Gemdale
- Broker: Robert Knakal - BKREA
The transaction involves Xu Kai from Gemdale as the seller, with Robert Knakal from BKREA representing the interests of the seller in this deal. Plans for a luxury condo tower and a revised multi-unit project on this site were put on hold during the pandemic, leaving options open for various types of development including residential, office, retail, or hotel projects.
On the Map
$60,000,000
Development Site
View full map
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Undercontract transactions
Loading comparables…
Deal FAQ
Browse New York development site sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93