In June, Ceruzzi Properties was reportedly in contract to purchase 520 Fifth Avenue, on East 43rd Street, and now the developer has closed on the $325 million site, according to Commercial Observer. Shanghai Municipal Investment’s U.S. arm is partnering with Ceruzzi, and the team is planning to follow through with applications filed back in 2014, which call for a 71-story mixed-use tower.
The first three floors will contain 33,000 square feet of retail, followed by possibly 150 to 180 hotel rooms. An undisclosed number of condominiums will span the upper 180,000 square feet of the building. Handel Architects is the architect of record. The group landed $150 million in pre-development loans, and ground-breaking is planned before 2016.