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 City University of New York’s graduate center has purchased the vacant lot at 5-17 47th Avenue, in Long Island City, from O’Conner Capital Partners for $22.5 million, according to The Wall Street Journal. CUNY plans to build a dormitory for graduate students and faculty. The property could accommodate a building of six stories and 200 residential units, and is located a few blocks from subway stations for the 7 and G trains.
Borough Park-based Ranco Capital has filed applications for an eight-story, 82-unit residential building at 1825 Ocean Avenue, in Midwood, five blocks from the Q train’s Avenue M stop. The building will measure 63,291 square feet in total, and units will average a rental-sized 772 square feet each. Mapleton-based N.A. Design Studio is the applicant of record, and a gas station must first be removed.
Christian non-profit Metro World Child is renovating and expanding its Bushwick headquarters, and their development partner, Moshe Braver, has filed new building applications for a five-story residential project on their former property at 338 Evergreen Avenue.
Midwood-based BWH Construction has filed applications for an eight-story, 26-unit residential building at 1251 East 19th Street, in Midwood, three blocks from the Q train’s Avenue M stop. The building will measure 31,895 square feet, which means units will average 1,227 square feet apiece, possibly making for condominiums. Felix Pustylnik is the applicant of record. The 2.5-story home at 1251 East 19th Street was demolished over the past month, but demolition has not yet begun at the three-story residential building spanning Nos. 1943-1947.