Construction of Downtown Tower on Hold

Slumping sales and oversupply of luxury apartments has led the developers to put a hold on what originally was to be 1,115-foot-tall tower at 45 Broad Street, The Real Deal reports. 

“Due to short-term conditions in the Lower Manhattan market, we have decided to delay on constructing the building in the near future,” according to a statement to The Real Deal, by developers Madison Equities and Gemdale Properties. When eventually built, the bronze-clad structure, which would have been Downtown’s tallest, will be 80 feet shorter than planned in order to meet Federal Aviation Administration rules, the Real Deal said.