The Financial District and the Search for Affordability

45 Broad Street

45 Broad Street

Construction at this soon to be 1000+ foot supertall residential skyscraper is making progress clearing debris in preparation for foundation work. But there doesn’t seem to be much information regarding affordability. Owned by Madison 45 Broad LLC, New York City Department of Finance (DOF) records do not show any 421-a tax abatement for this property that would convey rent stabilized status, while ACRIS records do not indicate any affordability regulatory agreement with HPD. But I’m sure the views are spectacular!

45 Broad Street

45 Broad Street

20 Broad Street

20 Broad Street
20 Broad Street

Work continues at this interesting conversion at 20 Broad Street. The building is still owned by New York Stock Exchange LLC, according to records in ACRIS, however, the LLC is acting as a lessor to the rather originally named 20 Broad Street Owner LLC. Since this is a residential conversion, we thought there might be an affordable regulatory agreement in place, but no such agreement or J-51 tax benefit appears in ACRIS or DOF records.

20 Broad Street

45 John Street

45 John Street
45 John Street

This building is a 84 unit condominium built in 1908. There are extensive renovations going on at the ground floor, as the store fronts are completely gutted and are under going total reconstruction (see details in the DOB records). Interestingly, this building is a coop, according to DOF records. However, a very conspicuous “Now Leasing” sign is placed prominently outside the building.

118 Fulton Street

118 Fulton Street
118 Fulton Street

This 64 story residential monolith has no property tax abatements conveying affordability. Owned by CP V TS Fulton Ower LLC, this property is so new that it doesn’t appear in DOF records yet, so there’s an outside chance there’s a tax benefit associated with the property. But we doubt it. Sadly, the construction of this glass box came at the expense of four lovely pre-war 1900s buildings with irreplaceable charm.

The charming community that once was…

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