Ceruzzi Properties secures $350M to refi Midtown East tower

Meritz Securities provided the financing for the Centrale

Feb.February 20, 2020 04:30 PM
Centrale at 138 East 50th Street and Ceruzzi Properties’ Arthur Hooper (Hooper by Sasha Maslov)

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

Ceruzzi Properties snagged a $350 million condo inventory loan for its luxury condominium tower in Midtown East.

Meritz Securities provided the financing for the Centrale at 138 East 50th Street, according to Commercial Observer. The loan replaces $300 million in financing that Madison Realty Capital provided in 2017. JLL’s Chris Peck, Dave Nackoul and Kristen Knappbrokered the deal. VI Development Group advised Meritz.

In 2013, Ceruzzi bought the development site from Extell Development for $86.2 million, as well as air rights that pushed the value of the deal past $100 million. The developer originally wanted to build a hotel on the site, but scrapped those plans in 2015.

The tower, designed by Pelli Clarke Pelli Architects, is more than 800 feet tall and has 124 condo units. Ceruzzi launched sales in the building in April 2019. At the time, the penthouse was listed for nearly $40 million.

New York’s luxury condo market is contending with an inventory overload, as The Real Deal reported in its cover story this month. There is $5.7 billion in existing inventory on the market and $33 billion in shadow inventory, according to a 2019 report from Halstead Development Marketing. [CO] — Kathryn Brenzel

Related Articles

With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

RCP CEO Richard O’Toole and Related CFO David Zussman (Credit: O’Toole via Westchester Magazine and Zussman via Related)

Related tries to calm Israeli investors after market panic

Apollo Commercial Real Estate Finance CEO Stuart Rothstein and RedSky Capital principal Benjamin Bernstein (Credit: Apollo and ICSC)

Brooklyn development’s $150M loan falls into default

EB-5 could be brought back to life (Credit: iStock)

Could a pandemic bring EB-5 back to life?

Nonbank mortgage lenders could be left holding the bag for as much as $100 billion in late payments (Credit: iStock)

“It’s going to be a liquidity tsunami:” Mortgage firms gear up for missed payments

Governor Andrew Cuomo (Photo by Spencer Platt/Getty Images; iStock)

Cuomo’s foreclosure, mortgage moratorium has no teeth

Governor Andrew Cuomo (Cuomo by Steven Ferdman/Getty Images; iStock)

Cuomo suspends foreclosures and mortgage payments