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.
A few days ago, partial renderings of the new mixed-use development coming to 147-151 East 86th Street surfaced. The site abuts one of the most prominent corners of the Upper East Side in terms of pedestrian traffic, and fittingly, the existing structure will soon meet the wrecking ball for a new 21-story building with an address of 1289 Lexington Avenue, which YIMBY can now reveal.
Partial renderings have surfaced for a 21-story building at 147-155 East 86th Street, on the Upper East Side. The site is being developed by Ceruzzi Properties, Stillman Development and Kuafu Properties. According to Commercial Observer, the 230,000 square-foot building will include 30,000 square feet of retail on the first two floors, another 24,000 square feet on the third and fourth floors for a New York Sports Club, and 50 condominiums on top.