Manhattan Luxury Tower Lands $290M in Financing

HFF secured the construction loan for the Upper East Side condominium tower, which developers Ceruzzi Holdings and Kuafu Properties plan to complete in 2019.
151 E. 86th St. rendering

151 E. 86th St. rendering

Ceruzzi Holdings and Kuafu Properties’ 151 E. 86th St. mixed-use residential and retail project in Manhattan’s Upper East Side earned $290 million in financing.

The 151,500-square-foot project will comprise 61 luxury condominium units that will feature top-of-the-line finishes and floor-to-ceiling windows. Residents will have access to amenities such as a concierge service, state-of-the-art fitness center, lounge, rooftop terrace and playroom. The building will also feature two stories of ground-floor retail totaling 30,500 rentable square feet. The 18-story building is set for completion in 2019 and will be designed by HOK Architects with interiors by Shelton, Mindel & Associates.

HFF’s debt placement team of Senior Managing Director David Nackhoul, Managing Director Christopher Peck and Associate Scott Findlay, secured the construction loan on behalf of the joint venture.

“The Upper East Side is a unique and sought-after area where the opportunity to develop from the ground-up rarely presents itself, especially on a prime corner such as 86th and Lexington,” said Peck, in prepared remarks. “Ceruzzi and Kuafu managed to create and execute on a very complex structure, and it was a privilege to help them capitalize on this vision with a single source of debt capital.”

Image courtesy of Ceruzzi Holdings