HFF Sold and Secured $150M Financing for Manhattan Property
- Aug 20, 2015
Holliday Fenoglio Fowler, L.P. closed the sale for a premier development site located at the southeast corner of 43rd Street and Fifth Avenue in Manhattan. The leading provider of commercial real estate and capital markets services also secured $150 million pre-development financing for the acquisition.
The purchase of 520 Fifth Avenue in Manhattan was made by a joint venture between Ceruzzi Holdings and Shanghai Municipal Investment USA. With this acquisition, Ceruzzi and SMI USA have entered into their second transaction in New York.
The new owners plan to develop the 10,625-square-foot site with 85 feet of prime frontage along Fifth Avenue into a state-of-the-art mixed-use tower. 520 Fifth Avenue will consist of flagship retail and either luxury condominiums or a combination of luxury condominiums and hotel. The undeveloped parcel has zoning square footage that will accommodate up to 355,000 square feet.
“Given my long history and relationship with J.P. Morgan and 520 Fifth Avenue’s unrivaled development potential, we are delighted to have found a pre-development financing solution that allows us to set in motion a development project that will positively change the landscape of Fifth Avenue for generations. It comes as no surprise that J.P. Morgan was able to deliver an attractive financing solution under a short timeframe,” mentioned Louis L. Ceruzzi, Jr., principal of Ceruzzi Holdings.
Senior Managing Director Andrew Scandalios led the HFF investment sales team, whereas HFF’s debt placement team was led by Senior Managing Director David Nackoul and Associate Director Christopher Peck.
The 12-month loan led by J.P. Morgan with mezzanine financing provided by Fisher Brothers will preface the future development planned to become one of the most iconic mixed-use developments with more than 33,000 square feet of irreplaceable Fifth Avenue retail.
Rendering via 520 Fifth Avenue