138 East 50th Street, officially named The Centrale, is a residential building in Midtown Manhattan, New York City.[1] The building consists of 124 condominium residences and 7,500 square feet (700 m2) of ground-floor retail between Third Avenue and Lexington Avenue in Midtown East.[1] The developers planned to sell the condominiums for a total of $535.7 million, or an average of $4.3 million per unit.[2]
History
Extell Development Company purchased the site in January 2012 for $61 million and sold it to Ceruzzi Properties in August 2014.[3] Initial plans filed in June 2014 indicated the building would be a 52-story, 502 feet (153 m) hotel with 764 rooms designed by SLCE Architects.[3] However, renderings revealed in September 2015 showed the tower would be a 64-story, 803 feet (245 m) condominium tower.[4] In 2015, the developers secured a $65 million loan on the development's land from Industrial and Commercial Bank of China.[5]
Construction began in mid-2016 and topped out during November 2017.[6] In August 2017, the developers received a $300 million construction loan from Madison Realty Capital.[7] The building was completed in early 2019.[8] In February 2020, Korean firm Meritz Securities provided a $350 million inventory loan against the building's remaining unsold condominiums.[5]
See also
References
- ^ a b Young, Michael (December 13, 2018). "Pelli Clarke Pelli-Designed 138 East 50th Street Nears Full Completion In Midtown East, Manhattan". New York Yimby.
- ^ Parker, Will (May 2, 2018). "Ceruzzi's Midtown condo will launch sales at projected $536M sellout". The Real Deal.
- ^ a b Fedak, Nicolai (June 18, 2014). "Permits Filed: 138 East 50th Street". New York Yimby.
- ^ Fedak, Nikolai (September 9, 2015). "Revealed: 138 East 50th Street, 803-Foot-Tall Midtown Condo Tower Designed By Pelli Clarke Pelli". New York Yimby.
- ^ a b Burke, Mack (February 20, 2020). "Ceruzzi Nabs $350M Condo Inventory Refi From Korean Lender". Commercial Observer.
- ^ Fedak, Nikolai (November 22, 2017). "Pelli Clarke Pelli-Designed 138 East 50th Street Tops Out At 800′, Midtown East". New York Yimby.
- ^ Samtani, Hiten (August 2, 2017). "Ceruzzi scores $300M construction loan for Midtown East luxury condo". The Real Deal.
- ^ Young, Michael (May 21, 2019). "Scoping Out Views As Sales Launch For The Centrale, Aka 138 East 50th Street, In Midtown East". New York YIMBY. Retrieved May 21, 2019.