The Real Deal New York

50 luxury condos to top $340M UES development

The new mixed-use project will rise at 147 East 86th Street

June 27, 2015 05:00PM

147 East 86th Street

147 East 86th Street and Lou Ceruzzi of Ceruzzi Properties

Fifty new luxury condominiums are set to rise on the northeast corner of East 86th Street and Lexington Avenue as a part of 230,000-square-foot mixed-use building.

The $340 million, HOK-designed development will also have 30,000 square feet of retail space, developer Lou Ceruzzi of Ceruzzi Properties, told the Commercial Observer.

Ceruzzi Properties, Stillman Development International and Kuafu Properties co-own the site, at 147 and 151 East 86th Street.

New York Sports Clubs will occupy 24,000 square feet on the third and fourth floors. Asking prices for the residential portion will be roughly $3,000 per foot.

Demolition of the two existing buildings at the site won’t happen for another nine months — with construction to be completed in 30 months. [NYO]Christopher Cameron