Jul
12
Fifth Avenue Tower Lands $200M in Financing
ByGroundbreaking is scheduled for 2018, three years after Ceruzzi Holdings and SMI USA acquired the New York City development site for $275 million from Thor Equities.
Ceruzzi Holdings LLC and SMI USA are moving ahead with their plans for a 425,000-square-foot mixed-use tower at 520 Fifth Ave. in Manhattan now that HFF has arranged $200 million in pre-development financing. Groundbreaking of the vertical development is scheduled to begin in 2018, three years after the joint venture acquired the 10,625-square-foot site from Thor Equities for $275 million.
The development, a joint venture between Ceruzzi and SMI, the United States subsidiary of Shanghai Municipal Investment, will feature more than 33,000 square feet of highly coveted Fifth Avenue retail space, including 85 feet of prime frontage on Fifth Avenue. The remaining square footage will have luxury condominiums and a five-star hotel…
