Ceruzzi Gets Massive Loan for Midtown Manhattan Condos

The company received $300 million for completion of a 72-story building with 124 condos, 7,500 square feet of retail space and a 25-space garage.

138 East 50th StreetCeruzzi Properties and SMI USA have obtained a $300 million construction loan for completion of a major condo development at 138 East 50th Street in the Midtown East neighborhood of Manhattan. Madison Realty Capital, an institutionally backed real estate investment firm, provided the loan for the project, which Ceruzzi and partner SMI are developing.

The development consists of a 72-story tower with a façade designed by Pelli Clarke Pelli Architects. The property will feature 124 residential condo units, 7,500 square feet of retail space at and below grade, and a 25-space parking garage. Common amenities will include an indoor pool and spa, fitness center, and shared work areas.

Construction underway

Construction is under way at the site and the concrete superstructure has already reached the 40th floor, with topout expected in November. The condos are scheduled for completion in late 2018. Pelli designed the façade, with SLCE Architects as the architect of record. AECOM Tishman is the general contractor.

Ceruzzi plans to offer a mix of one- to five-bedroom units, ranging from 777 square feet to 5,388 square feet, for a total of about 200,000 square feet. Interior design by Champalimaud will be one element of the property’s overall high-end environment, according to the developers.

The company acquired the site from Extell in 2014, and originally planned to develop was a 52-story hotel with 764 rooms. Eventually, the company opted for a high-end condo project.