▁confirmed ▁that ▁the ▁new ▁structure ▁would ▁be ▁a ▁super t all , ▁resident ial ▁sk ys cra per ▁c ater ing ▁to ▁" entry - ▁and ▁mid - level ▁buy ers ". ▁More ▁developed ▁render ings ▁were ▁published ▁by ▁The ▁Real ▁De al ▁in ▁February ▁ 2 0 1 6 . ▁ ▁M embers ▁of ▁the ▁New ▁York ▁real ▁estate ▁industry ▁have ▁expressed ▁doub ts ▁that ▁Mad ison ▁will ▁rec oup ▁costs , ▁and ▁the ▁company ▁has ▁faced ▁difficulty ▁receiving ▁fund ing ▁for ▁the ▁project . ▁These ▁difficulties ▁are ▁in ▁part ▁due ▁to ▁the ▁site ' s ▁proxim ity ▁to ▁the ▁New ▁York ▁Stock ▁Exchange ▁and ▁the ▁high - level ▁security ▁around ▁that ▁building . ▁ ▁However , ▁the ▁anticip ated ▁pr icing ▁of ▁units ▁in ▁the ▁building ▁at ▁just ▁under ▁$ 1 ▁million ▁up ▁to ▁$ 4 ▁million ▁has ▁attract ed ▁additional ▁invest ors ▁including ▁Gem dale ▁( one ▁of ▁China ' s ▁largest ▁developers ) ▁given ▁the ▁soft ening ▁super - l ux ury ▁market . ▁▁ ▁Const ruction ▁work ▁on ▁the ▁foundation ▁began ▁in ▁April ▁ 2 0 1 7 , ▁and ▁exc av ation ▁began ▁in ▁May ▁ 2 0 1 8 . ▁ ▁Us age ▁and ▁amen ities ▁The ▁building ▁will ▁be ▁mixed - use ▁with ▁ 2 4 5 ▁resid ences ▁and ▁a ▁five - story ▁ret ail ▁base ▁with ▁ 6 2 , 0 0 0 ▁square ▁feet ▁dedicated ▁to ▁commercial - ret ail ▁use ▁and ▁ 9 3 , 9 0 0 ▁square ▁feet ▁dedicated