Ceruzzi Holdings LLC (Ceruzzi) and SMI USA (SMI)are pleased to announce that they hosted a topping out ceremony for their upcoming 138 East 50th Street luxury condominium project, which took place on Thursday, October 26th. Hosted by Ceruzzi and SMI in conjunction with construction, design and engineering firm AECOMTishman Construction, the event featured a catered lunch with key personnel from the project team to celebrate this major milestone.
The 280,000-square-foot, 63-story, 803-foot high tower project is on-schedule to be completed in early 2019, and will house 124 luxury condominium units as well as 7,500 square feet of commercial space on the first floor.Once completed, the building will feature a wide range of amenities for potential buyers, including a 7,500-square-foot restaurant, an upscale fitness center and spa, a private club space, an indoor pool, a below-grade parking garage, and outdoor terraces. The lender for the construction loan was Madison Realty Capital, and it was secured by Ceruzzi in partnership with investment firm SMI USA (SMI). The façade of the glass tower building was designed by world-renowned architects Pelli Clarke Pelli, and SLCE is the architect of record.Champalimaudserved as the interior designer for the condominium units and amenities space. Tishman Construction is the general contractor for the project.
“We are incredibly proud of the work we have completed with our partners, SMI, Madison Realty Capital, AECOM Tishman, and arethrilled to be reaching this milestone for the 138 E. 50th Street project,” said CeruzziManaging Director Art Hooper. “This topping out ceremony will be a celebration of our founder’s vision for the property, its role in the community, and the residents that will have the opportunity to call the luxury building their home.”
About Ceruzzi Holdings LLC
Ceruzzi Holdings LLC is a New York City-based, full-service company, which develops, acquires and operates a diversified portfolio of mainly real estate properties.Ceruzzi leverages its 25+ year track record of acquisition, development and structuring to create unique opportunitieswithin several real estate platforms. Recent Ceruzzi projects in New York City include the acquisition of the land beneath the Lipstick Building and the development sites located at 86thStreet and 520 Fifth Avenue. The company’s real estate professionals specialize in numerous disciplines, including construction, entitlements, leasing, marketing, management and finance.
About SMI
Founded in 1992, Shanghai Municipal Investment Group Corporation ("SMI"), formerly known as Shanghai Chengtou, is one of the largest state-owned enterprises in Shanghai with total assets equating to nearly $79.2 billion as of 2016. Famous for its world-renowned developments such as the Shanghai Tower - the largest manmade structure to date - SMI is known throughout China for its commitment to providing first-class assets, diligent on improving the lives of the citizens at hand. Since its inception in 2014, the U.S.
subsidiary of SMI ("SMI USA") has taken the New York City real estate industry by storm. As the company has focused its attention on Manhattan, it has already begun to develop nearly 2 million square feet of what is believed to be the next breakthrough in the luxury condominium asset class.
