138 East 50th Street
138 East 50th Street, officially named The Centrale, is a residential building in Midtown Manhattan.[1]
| The Centrale | |
|---|---|
 138 East 50th Street on May 24, 2019. | |
| |
| General information | |
| Status | Complete |
| Type | Residential |
| Location | 138 East 50th Street Manhattan, New York City |
| Coordinates | 40.75590°N 73.97190°W |
| Construction started | 2016 |
| Completed | 2019 |
| Height | |
| Roof | 803 ft (245 m) |
| Technical details | |
| Floor count | 64 |
| Floor area | 220,639 square feet (20,498.0 m2) |
| Design and construction | |
| Architect | Pelli Clarke Pelli |
| Developer | Ceruzzi Properties, SMI USA |
Description
The building consists of 124 condominium residences and 7,500 square feet (700 m2) of ground-floor retail located between Third Avenue and Lexington Avenue in Manhattan's 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]
The building began construction in mid 2016 and topped out in 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]
References
- 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.
- 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.
- 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.