Excavation work is nearly complete and construction has started on the foundation of the planned 63-story, 124-unit mixed-use building at 138 East 50th Street, in Midtown East. The latest photo was captured by YIMBY Forums user ILNY/NY Construction Photography. The most recent building permits indicate the project will rise 803 feet above street level and measure 253,222 square feet. There will be 4,588 square feet of retail space across the cellar and ground floors. The residential units, condominiums, should average 1,706 square feet apiece. The number of units listed on permits, 124, is up quite a bit from what YIMBY reported a year ago, 91, when renderings were revealed. Ceruzzi Properties is the developer and Pelli Clarke Pelli Architects is the design architect. SLCE Architects is the architect of record. Completion in 2018 is probable.
This past summer, YIMBY revealed renderings of the planned 18-story, 63-unit mixed-use building planned at 147 East 86th Street (a.k.a 1289 Lexington Avenue), on the Upper East Side. Now its developers – Ceruzzi Properties, Kuafu Properties, and Stillman Development – have filed applications with the Department of Buildings. The new building will span 229,751 square feet in total, and the cellar through the second floors will contain 26,718 square feet of commercial space. The NY Sports Club is expected to occupy two floors in the building. The third floor will contain residential amenity space, featuring lounge spaces, a children’s playroom, and a gym. The condominium units, ranging from two- to five-bedrooms and averaging 2,800 square feet apiece, will also begin on the third floor. Hellmuth, Obata + Kassabaum (HOK) is designing and completion is expected in 2018. Two existing low-rise commercial buildings must first be demolished. [The Real Deal]
Developer Louis Ceruzzi has already begun demolition work at his property at 520 Fifth Avenue. We now know that construction will begin before New Years on the 71-story Handel Architects-designed tower, courtesy of an interview Ceruzzi gave to the Commercial Observer. In the interview, he also gave an update on his development at 147 East 86th Street. He said there is much work to be done relating to the Second Avenue Subway project, but real work should start in March.
Back in 2014, we reported on permits for a new 52-story hotel at 138 East 50th Street, between Lexington and Third Avenues in Midtown East. YIMBY can now reveal the latest plans for the site, which have changed significantly, and the entirety of the building above the retail base will be condominiums. The project has also received a significant height boost, and is now slated to stand 64 stories and 803 feet tall, with Pelli Clarke Pelli serving as the design architect.
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.