The Centrale
Seen on May 24, 2019
Map
General information
StatusCompleted
TypeResidential
Location138 East 50th Street
Manhattan, New York
Coordinates40°45′21″N 73°58′19″W / 40.75590°N 73.97190°W / 40.75590; -73.97190
Construction started2016
Completed2019
Height
Roof803 ft (245 m)
Technical details
Floor count64
Floor area220,639 square feet (20,498.0 m2)
Design and construction
Architect(s)Pelli Clarke Pelli
DeveloperCeruzzi Properties, SMI USA

138 East 50th Street, officially named The Centrale, is a residential building in Midtown Manhattan, New York City.[1] The building consists of 124 condominium residences and 7,500 square feet (700 m2) of ground-floor retail between Third Avenue and Lexington Avenue in 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

Under construction in 2017

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]

Construction began in mid-2016 and topped out during 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]

See also

References

  1. ^ a b Young, Michael (December 13, 2018). "Pelli Clarke Pelli-Designed 138 East 50th Street Nears Full Completion In Midtown East, Manhattan". New York Yimby.
  2. ^ Parker, Will (May 2, 2018). "Ceruzzi's Midtown condo will launch sales at projected $536M sellout". The Real Deal.
  3. ^ a b Fedak, Nicolai (June 18, 2014). "Permits Filed: 138 East 50th Street". New York Yimby.
  4. ^ Fedak, Nikolai (September 9, 2015). "Revealed: 138 East 50th Street, 803-Foot-Tall Midtown Condo Tower Designed By Pelli Clarke Pelli". New York Yimby.
  5. ^ a b Burke, Mack (February 20, 2020). "Ceruzzi Nabs $350M Condo Inventory Refi From Korean Lender". Commercial Observer.
  6. ^ Fedak, Nikolai (November 22, 2017). "Pelli Clarke Pelli-Designed 138 East 50th Street Tops Out At 800′, Midtown East". New York Yimby.
  7. ^ Samtani, Hiten (August 2, 2017). "Ceruzzi scores $300M construction loan for Midtown East luxury condo". The Real Deal.
  8. ^ 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.

External links

Midtown (42nd–59th Streets)
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