Ceruzzi to build condo tower instead of hotel at 138 East 50th

New plans show 300-foot height boost at Midtown East site

New York /
Sep.September 09, 2015 05:20 PM

Ceruzzi Properties has scrapped plans for a hotel in Midtown East and instead will develop a 64-story condominium at 138 East 50th Street, according to architectural plans.

The developer, who picked up the site last year with joint venture partner Robert Skolnick, also increased the size of the project from 502 feet to 803 feet. Pelli Clarke Pelli is the design architect.

Originally, plans called for a 52-story hotel with 764 rooms and 7,000 square feet of retail at the base. Now, condos will sit atop the retail portion of the building, according to New York YIMBY. It’s still unclear how many units the building will have.

The development lies within a Midtown East rezoning introduced by the Bloomberg administration. Extell Development paid $61 million for the site in 2012, and sold the property last year to Ceruzzi and Skolnick for an undisclosed sum. At the time, Ceruzzi and Skolnick also picked up 151 East 49th Street, plus air rights from neighboring buildings.

When initially planned, the building would have been one of the city’s tallest residential buildings. But that’s no longer the case given the rise of super tall condos such as Extell’s 1,004-foot-tall One57, Macklowe Properties’ 1,396-foot-tall 432 Park Avenue, and JDS and Property Market Group’s 111 West 57th Street, which will rise 1,428 feet.

Ceruzzi is also developing 520 Fifth Avenue, which will rise 920 feet, and a smaller condo project 1289 Lexington Avenue. [NY YIMBY]E.B. Solomont

 

Related Articles

arrow_forward_ios
Claudio Del Vecchio has owned Brooks Brothers since 2001. (Getty)
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
From left: SL Green CEO Marc Holliday, Ceruzzi Properties’ Arthur Hooper, the Lipstick Building at 885 Third Avenue and IRSA president Eduardo Elsztain (Getty, Wikipedia, Google Maps)
Lipstick Building ground rent reset leads to appraisal dispute
Lipstick Building ground rent reset leads to appraisal dispute
Ceruzzi Properties’ Arthur Hooper and the Lipstick Building at 885 Third Avenue(Google Maps; Hooper by Sasha Maslov)
Ceruzzi’s $272M loan on Lipstick Building ground lease goes to special servicing
Ceruzzi’s $272M loan on Lipstick Building ground lease goes to special servicing
The Hayworth at 1289 Lexington Ave and Ceruzzi Properties’ Arthur Hooper (Rendering Hooper by Sasha Maslov)
“We’re exploring everything”: Ceruzzi’s UES condo under pressure after loan falls through
“We’re exploring everything”: Ceruzzi’s UES condo under pressure after loan falls through
Centrale at 138 East 50th Street and Ceruzzi Properties’ Arthur Hooper (Hooper by Sasha Maslov)
Ceruzzi Properties secures $350M to refi Midtown East tower
Ceruzzi Properties secures $350M to refi Midtown East tower
The Lipstick Building at 885 Third Avenue and Ceruzzi Properties president Arthur Hooper (Credit: Getty Images)
Ceruzzi Properties looks to sell ground under the Lipstick Building
Ceruzzi Properties looks to sell ground under the Lipstick Building
Renderings of 520 Fifth Avenue with Rabina Properties CEO Mickey Rabina and Ceruzzi Properties president Arthur Hooper (Credit: CityRealty)
Ceruzzi, SMI bring in new partner to try and save Fifth Ave development
Ceruzzi, SMI bring in new partner to try and save Fifth Ave development
350 Park
Vornado, Rudin mull 1,450-foot tower in Midtown East
Vornado, Rudin mull 1,450-foot tower in Midtown East
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...