Ceruzzi Holdings and Kuafu Properties have closed on financing for the construction of a mixed use building in Manhattan’s Upper East Side neighborhood. The $290 million loan was provided from a foreign capital source by Holliday Fenoglio Fowler. Located at 151 East 86th Street, at the corner of 86th Street and Lexington Avenue, the project will feature 61 condominium units totaling 151,500 sqf along with two stories of ground floor retail totaling 30,600 sqf. Resident amenities will include concierge service, a fitness facility, lounge, rooftop terrace and children’s playroom.
Slated for completion in the first quarter 2019, the 18 story building was designed by HOK Architects with interiors by design firm Shelton, Mindel & Associates. HFF’s debt placement team was led by senior managing director David Nackoul, managing director Christopher Peck and associate Scott Findlay.
“The Upper East Side is a unique and sought-after area where the opportunity to develop from the ground-up rarely presents itself, especially on a prime corner such as 86th and Lexington,” said Peck. “Ceruzzi and Kuafu managed to create and execute on a very complex structure, and it was a privilege to help them capitalize on this vision with a single source of debt capital.”
