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A blog from CityRealty (Links below will take you to the 6sqft site)

Carter's View

Swig Equities is planning to erect a 650-foot-high, mixed-use tower at 45 Broad Street in the Financial District that will contain 77 residential condominium apartments on floors 41 to 62, a 128- room hotel and about 13,000 square feet of retail space on the ground level and second floor with a Nobu restaurant on the third floor, according to an article by Branden Keil in today's edition of The New York Post.

The site is on the same street as 25 Broad Street that Swig Equities has converted to residential condominiums.

In April, 2007, Swig Equities obtained permission from the Landmarks Preservation Commission to demolish a rear wing at 25 Broad Street. The demolition cut off the top 20 stories of the 21-story wing, removing about 17 percent of the building's mass and 36 apartments. The wing extends to the south from the middle of the building and extends into the middle of the block and is not very visible because of nearby high-rise buildings including a new residential tower under construction at 15 William Street. Swig Equities planned to use the cut-off mass, which would amount to about 80,000 square feet, at 45 Broad Street. The transfer would add about 12 stories to the 35-story building that was then planned for the site.

25 Broad Street is a 21-story building that was the world's largest building when it was completed in 1902. Located on the southeast corner of Broad Street and Exchange Place, it is one block south of the New York Stock Exchange. It was designed in 1899 by Robert Maynicke and his plans were revised the next year by Clinton & Russell.

The building is distinguished by its very handsome facade and entrance and its stunning and huge lobby. It has a three-story rusticated base with a five-step-up entrance. In their wonderful book, "The A.I.A. Guide to New York City, Fourth Edition" (Three Rivers Press, 2000), Elliot Willensky and Norval White observed that the building is "worthy of the best on Park Avenue." In fact, the building predates most of the buildings on Park Avenue and its huge marble lobby with coffered ceiling is worthy of the world's most luxurious hotels.

According to the Skyscraper Museum, the building remained the world's largest building from 1902 to 1907 when it was surpassed in size by the City Investing Building. When it was completed, the "Broad Exchange Building," as it was known, was "the largest and most valuable office building in all of Manhattan" and, according to the Swig Equities's website, "was instantly recognized as one of the most desirable addresses for Wall Street's brokers and bankers, providing headquarter facilities for Paine, Webber and Company for nearly seventy years."

The building was converted from an office building in 1997 by Crescent Heights to 346 rental apartments. The building had been vacant for several years after the stock market crash of 1987. Mr. Swig acquired the building from Crescent Heights in 2005 for about $200 million.

The site at 45 Broad Street was once occupied by the firm of Joseph Meeks & Sons, one of American's most prominent furniture makers in the mid-18th Century, and more recently by an 8-story commercial building that Swig Equities has demolished.

Moed de Armas & Shannon are the design architects and SLCE is the architect of record for the new tower for which the Rockwell Group is designing the interiors.

The new tower, Mr. Keil wrote, adding that it will include a health club and pool for the use of both the residents and the hotel guests and a sun terrace, and partners in the project include Robert De Niro, Nobu Matsuhisa, Richie Notar and Meir Teper and Drew Nieporent.

The published rendering indicated that building's north and west facades will be curved above a six-story base that holds to the street wall. Although the architectural context of Broad Street in this area is masonry, the new tower will be clad in blue glass.
Architecture Critic Carter Horsley Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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