Deep in the heart of the Financial District, a new 50-story hotel and residential tower is on the rise. The building is located at 45 Broad Street, between Beaver Street and Exchange Place in the New York Stock Exchange security zone. The new tower will be home to a 160-room hotel with condominium units on its upper floors. Swig Equities is managing the project, with Tishman Construction building the tower. It is expected to open in spring 2011.
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Foundation work at 45 Broad Street requires more time than average because the developer is excavating down to bedrock -- a depth necessary to achieve the tower’s height. The deep excavation will create three below-grade cellars that will eventually house retail and other services. The steel and concrete tower is expected to open in spring 2011.
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