Ceruzzi Holdings LLC (Ceruzzi) is pleased to announce the topping out of 147-151 East 86th Street, its $415 million, 230,00 square foot mixed-use development, developed in partnership with Kuafu Properties. The topping out celebration was held on Monday, September 17, 2018 and was attended by representatives of Ceruzzi, Kuafu and Gilbane in addition to the skilled trades men and women working on the project.
The 20-story condominium apartment building, which is being constructed by Gilbane, is situated at the epicenter of an ideal residential location in the heart of the Upper East Side. This project will include premium retail at street level, a boutique collection of 61 condominium units, replete with a perfectly tailored amenity program including a luxurious lounge, fitness center, playroom, study, arts and culture features, wine and private storage and a landscaped roof deck. Completion of the Ceruzzi Properties and Kuafu development is anticipated in 2019. The launch of sales is anticipated for Spring 2019.
“Lexington and 86th is the heart of the UES and we are excited to bring to the neighborhood a building worthy of the location featuring a unique collection of condominium units plus retail,” said Ceruzzi President Art Hooper. “We look forward to joining our neighbors in this special community.”
“We are very excited to celebrate this construction milestone with Ceruzzi,” said Gilbane Senior Vice President Bill Gilbane. “It has been wonderful to see this project become a reality and are delighted to be delivering the project on-time and within budget. Thank you to everyone involved; we have much to be proud of here."
Now that the concrete superstructure has officially topped out, the ongoing installation of the striking stone and glass facade has commenced. Concurrent MEP components are being completed before the interior finishes begin. Each of the 61 units, averaging 2,300 square feet, will feature high-end finishes which boast Italian calacatta marble in the kitchens, master bedrooms and powder rooms. The units also include Greek thassos marble in the secondary bathrooms, solid oak flooring throughout each apartment and custom millwork in the kitchens and bathrooms. HOK Architects designed the building with beautifully detailed interiors by SheltonMindel Associates. Located above a subway station, the project scope included construction of new access stairs, sidewalk elevator and paths to ensure no disruption to community transport during the project and enhanced access upon completion. The project’s first temporary certificate of occupancy is anticipated in Spring 2019, allowing the ground floor retail tenants to commence the interior fit-out.
About Ceruzzi Holdings LLC
Ceruzzi Properties is a full-service real estate company with expertise in a wide range of real estate operations including ownership, leasing, management and development for residential, retail, office and hotel projects. Ceruzzi Properties has developed several successful high-rise residential projects in Manhattan including a 71-story condominium at 50th Street and Lexington Avenue as well as a 20-story mixed-use luxury condo building at 86th Street and Lexington Avenue. The firm has also developed mixed-use residential projects in White Plains as well as eight student housing projects at major universities totaling over 6000 beds.
Since 1988, Ceruzzi Properties has successfully developed over 15 million SF of apartments, hotels, offices, shopping centers and apartments units throughout the United States. The firm has successfully completed over 500 commercial leases and has developed relationships with national retail and hotel brands including Target, Costco, Stop & Shop, Wal-Mart, Lowes’s Home Improvements, Merrill Lynch, JP Morgan-Chase, Fidelity, Ritz Carlton Hotels and Hilton Hotels. The company has partnered on development projects with Vornado, Starwood, SMI, Kuafu and Inland Real Estate. Ceruzzi Properties was created in 1988 by its late founder Louis L. Ceruzzi, Jr.
About Kuafu Properties
Kuafu Properties LLC (Kuafu) is a privately held, fully integrated real estate development and investment company based in New York City. Kuafu was established with the vision of being the ultimate bridge between Chinese and other Asian investors to the overseas real estate market in the United States. The company focuses on creating high-quality mixed-use projects that are unique and rich in detail. To that end, Kuafu partners with world-class, award-winning architects and contractors. In addition, Kuafu team members have extensive expertise in large-scale master planned projects and mixed-use urban developments, including hotel, retail, office and high-end residential. www.kuafuproperties.com.
