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Ceruzzi Launches Construction on Upper East Side Condos
Ceruzzi Holdings and Kuafu Properties have broken ground at 147-151 E. 86th St., an 18-story mixed-use development on Manhattan’s Upper East Side. Sales on the project’s 61 residential condominiums are expected to begin in the coming months.
Construction financing for 147-151 E. 86th has been provided by TCI Fund, and arranged by HFF. The project totals approximately 230,000 square feet, including 25,000 square feet of retail.
The majority of the retail space has already been leased to Old Navy, which signed a 15-year term for 18,500 square feet on the ground and second floors.
Getting to this stage, though, required collaboration with the Metropolitan Transportation Authority, which operates a subway station near the basement of the buildings demolished to make way for the new project. “The team has worked tirelessly to progress the construction timeline, and bring this complex project one step closer to reality,” said Ceruzzi President Art Hooper.
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