As new dev sales tumble, Ceruzzi is listing a $40M penthouse

Centrale will be move-in ready this summer

New York /
Apr.April 05, 2019 09:15 AM
Ceruzzi Properties' Arthur Hooper and Centrale at 138 East 50th Street (Hooper by Sasha Maslov)

Ceruzzi Properties’ Arthur Hooper and Centrale at 138 East 50th Street (Hooper by Sasha Maslov)

As the luxury market slump drags on, Ceruzzi Properties is listing a new penthouse asking a steep $39.9 million.

The duplex penthouse is at the under-construction Centrale on 138 East 50th Street, the Wall Street Journal reported.

The pricey listing comes as high-end properties have been lingering on the market and taking price cuts. In the first quarter this year, Manhattan’s luxury segment had 24 percent less sales volume compared with a year earlier, according to Douglas Elliman. The median sales price slid 15 percent to $5.9 million. Among new development properties, sales volume tumbled 39.4 percent.

Plus, the developer will be hard-pressed to find a sale that pricey east of Lexington Avenue, according to the Journal.

Anna Zarro, sales executive at Ceruzzi, said the home was moderately priced when compared to listings from a few years ago. At the peak of the market in 2015, a First Avenue condo sold for $37.94 million.

The developer held off on listing the home until the building was nearly complete, Zarro said. The timing was designed to attract buyers looking to move quickly.

Douglas Elliman Development Marketing is heading sales.

The penthouse spans just under 5,400 square feet with access via a private elevator. It has five bedrooms, a library with a fireplace and a chef’s kitchen. Penthouse residents also have access to a private parking space in the building’s garage. The 124-unit building was designed by Pelli Clarke Pelli, and prices start at $1.825 million for a one bedroom home.

The company’s principal Lou Ceruzzi died suddenly in 2017 and a small group of executives at the firm have scrambled to complete a trio of luxury condos and keep lenders happy.

The Real Deal reported late last year that Ceruzzi Properties was looking to bring Bob Gladstone’s Madison Equities as a partner at the $500 million 520 Fifth Avenue, its most ambitious project yet. [WSJ] — Meenal Vamburkar


Related Articles

arrow_forward_ios
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)
For 15 years, David Koch lived at the world’s “richest building”
For 15 years, David Koch lived at the world’s “richest building”
Douglas Elliman's Howard Lorber and Tongo's Brandon Wright (Getty Images, LinkedIn/Brandon Wright)
Elliman gets into payday loan business as market cools
Elliman gets into payday loan business as market cools
(Illustration by The Real Deal with Getty Images)
Home prices cooled at historic rate in July
Home prices cooled at historic rate in July
(Photo Illustration by The Real Deal with Getty Images)
Cooling Sun Belt markets lead canceled home contracts
Cooling Sun Belt markets lead canceled home contracts
30 Front Street & 294 Park Place (Streeteasy, Getty)
Brooklyn luxury market can’t shake slump
Brooklyn luxury market can’t shake slump
From left: 182 East 64th Street and 520 West 28th Street (Getty Images, Brown Harris Stevens, Godsfriendchuck, CC BY-SA 4.0 - via Wikimedia Commons)
Manhattan luxury contracts hold steady in September
Manhattan luxury contracts hold steady in September
Ryan Serhant
Ryan Serhant talks Compass, reality TV and more on TRD podcast
Ryan Serhant talks Compass, reality TV and more on TRD podcast
Frank Lloyd Wright with 1425 Valley View Drive (Getty, Re/Max)
Unique Frank Lloyd Wright home available … for now
Unique Frank Lloyd Wright home available … for now
arrow_forward_ios

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

Loading...