138 East 50th Street
In August 2017, the developers received a $300 million construction loan from Madison Realty Capital. Fedak, Nicolai (June 18, 2014). “Permits Filed: 138 East 50th Street”. Fedak, Nikolai (September 9, 2015). “Revealed: 138 East 50th Street, 803-Foot-Tall Midtown Condo Tower Designed By Pelli Clarke Pelli”. Young, Michael (December 13, 2018). “Pelli Clarke Pelli-Designed 138 East 50th Street Nears Full Completion In Midtown East, Manhattan”. Parker, Will (May 2, 2018). “Ceruzzi’s Midtown condo will launch sales at projected $536M sellout”. In February 2020, Korean firm Meritz Securities provided a $350 million inventory loan against the building’s remaining unsold condominiums.
138 East 50th Street, officially named The Centrale, is a residential building in Midtown Manhattan, New York City. 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. In 2015, the developers secured a $65 million loan on the development’s land from Industrial and Commercial Bank of China. However, renderings revealed in September 2015 showed the tower would be a 64-story, 803 feet (245 m) condominium tower. The developers planned to sell the condominiums for a total of $535.7 million, or an average of $4.3 million per unit. 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.
Burke, Mack (February 20, 2020). “Ceruzzi Nabs $350M Condo Inventory Refi From Korean Lender”. Samtani, Hiten (August 2, 2017). “Ceruzzi scores $300M construction loan for Midtown East luxury condo“. By using this site, you agree to the Terms of Use and Privacy Policy. This page was last edited on 27 December 2022, at 13:46 (UTC). Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization. Young, Michael (May 21, 2019). “Scoping Out Views As Sales Launch For The Centrale, Aka 138 East 50th Street, In Midtown East”. Text is available under the Creative Commons Attribution-ShareAlike License 3.0; additional terms may apply. Fedak, Nikolai (November 22, 2017). “Pelli Clarke Pelli-Designed 138 East 50th Street Tops Out At 800′, Midtown East”.
When in doubt, check with your local historic preservation office. If you are, what are some of the benefits and downsides that you’ll have to contend with? So now you know whether you’re officially dealing with a historic property. They should either know of any applications or designations, or be able to point you toward local resources that can say definitively whether the property in question has been down the historic path. Keep reading to find out.
