The Real Deal New York

Ceruzzi’s Midtown condo will launch sales at projected $536M sellout

Construction of the tower at 138 East 50th Street is nearing completion
By Will Parker | May 02, 2018 12:00PM

ceruzzi-main

Ceruzzi’s Arthur Hooper, Jr. and 138 East 50th Street (Credit: Tectonic)

Ceruzzi Properties and partner SMI USA can launch sales for their Midtown East condominium development at 138 East 50th Street, according to records filed with the New York state Attorney General’s office.

The AG’s real estate finance bureau accepted the developer’s offering plan last month for the 124-unit project with a total asking sellout of price of $535.7 million, or roughly $4.3 million per unit on average.

A representative for Ceruzzi did not immediately respond to a request for comment.

The 803-foot-tall tower topped out construction in November, New York YIMBY reported.

Ceruzzi originally planned to build a 500-foot-tall hotel at the site, but changed things up in 2015.  The company later obtained a $300 million construction loan from Madison Realty Capital this past August, less than two weeks before company founder Lou Ceruzzi died.

The accepted offering plan shows the developers have dubbed the Pelli Clarke Pelli-designed tower the “Centrale.” Though one of the priciest projects brought to market so far this year, the Centrale’s expense pales in comparison to Ceruzzi’s other major condo project in progress, 520 Fifth Avenue, where construction alone costs are expected to exceed $500 million.