NEW YORK CITY—Madison Equities and and Italian builder Impresa Pizzarotti & C. Spa have acquired the vacant parcel at 45 Broad St. and plan to build a condominium tower at the site.

The partners purchased the site from 45 Broad Street L/CAL LLC for $86 million. Located near the New York Stock Exchange, the vacant site offers approximately 290,000 square feet of FAR for development. Madison Equities and Pizzarotti plan a condominium tower constructed atop of what they term will be “an amenity-filled podium.” The developers will deliver condominium units for occupancy in 2019.

Holliday Fenoglio Fowler marketed the site on behalf of the seller, LCOR. The HFF investment sales team was led by senior managing director Andrew Scandalios, managing director Jeff Julien, director KC Patel and senior managing director Jose Cruz.

The brokerage firm reports that the site features 12,600 square feet of development-ready land and is zoned for residential, commercial or mixed-use space with no height restrictions. Says Scandalios, "Lower Manhattan has seen an unprecedented influx of capital recently, which has led to a residential resurgence in the area and soaring luxury condo demand."

Impresa Pizzarotti is an Italian international construction services company that operates as a builder and principal in numerous projects throughout Europe, Africa, Middle East and the U.S. Pizzarotti IBC, the US branch of the group, is working on a number of residential and hotel projects in Manhattan and Brooklyn and will be the construction manager and the builder of the 45 Broad St. project.

Madison Equities is currently working on the redevelopment of 212 Fifth Ave. and a new condominium tower at 10 Sullivan St. in Manhattan. In early 2015, Madison Equities and partners Building and Land Technology and Thor Equities secured a $275-million loan from iStar Financial in connection with the 212 Fifth Ave. redevelopment project that involves converting the 24-story office building to residential condominiums.

Architect Cetra Ruddy, whose recent projects include One Madison Ave., Walker Tower and the Orion, will design the 45 Broad St. property.

Madison Equities' principal Robert Gladstone says the property is rich with potential. “We look forward to creating an extraordinary building with our partners in a new, thriving Downtown market. The building will provide outstanding panoramic views of the Hudson River, New York harbor and the revitalized World Trade Center area.”