Ceruzzi Holdings LLC (Ceruzzi) and Kuafu Properties (Kuafu) announced today that they have executed a lease with Old Navy, a division of The Gap, for an 18,500-square-foot retail location in its upcoming 18-story, 61-unit luxury condominium building at 147 E. 86th Street. RipcoVice Chairman/Principal Andrew Mandell represented ownership in the transaction, while Robert K. Futterman& Associates Vice Chairman Ariel Schuster represented the tenant.
Old Navy will havea portion of the ground floor and the second-floor space, withall of its frontage toward the mid-block of 86th Street in an area that features other prominent retailers within the 86th Street corridor such as Whole Foods, H&M, Sephora, Bank of America, Barnes & Noble, Shake Shack and AT&T.In addition to Old Navy, the commercial component of the project includes 6,000 square feet of retail space at the corner of 86th Street and Lexington Avenue available for lease.As part of the project improvements, the sidewalk on 86th Street will be widened significantly, and the MTA entrance currently located within the existing building will be moved to the sidewalk.
The residential entrance to the building will be located on Lexington Avenue. Demolition for the projectis on schedule for completion within the next two weeks. Current architectural renderings detail the building’s elegantstone and glass façade and sleek, modern design. New building construction will commence upon completion of demolition, with the project slated for completion in early 2019.
Earlier this year, ownership secured a $290M construction loan from the Children’s Investment Fund for the project. Construction financing was arranged by HFF.The construction, which will encompass a 229,751-square-foot area,includes new subway entrances for commuter convenience and an overall streetscape, in keeping with a classic Upper-East-Side residence. The project team consists of CeruzziHoldings andKuafu Properties, with Hellmuth, Obata + Kassabaum (HOK)leading design. Shelton, Mindel& Associates has served as the interior-design architect for the project. The tower will feature residential amenities including a resident lounge, a children’s playroom, a teen room, a fitness center and a rooftop terrace.
“It’s been a pleasure to work with our partners, our lenderand the excellent design team in planning this strategically located, state-of-the-art mixed-use development,” said CeruzziManaging DirectorArt Hooper. “This has been acollaborative effort and we are very pleased to have achieved this major milestone, and look forward to the commencement of new building construction.”
About Ceruzzi Holdings LLC
Ceruzzi Holdings LLC is a New York City-based, full-service company, which develops, acquires and operates a diversified portfolio of mainly real estate properties. Ceruzzi leverages its 25+ year track record of acquisition, development and structuring to create unique opportunitieswithin several real estate platforms. Recent Ceruzzi projects in New York City include the acquisition of the land beneath the Lipstick Building and the development sites located at 138 East 50th Street and 520 Fifth Avenue. The company’s real estate professionals specialize in numerous disciplines, including construction, entitlements, leasing, marketing, management and finance.
About Kuafu Properties
Kuafu Properties LLC 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 rich indetail and originality. To that end, Kuafu partners with world-class, award-winning architects andcontractors. In addition, Kuafu team members have extensive expertise in large-scale masterplanned projects and mixed-use urban development’s including hotel, retail, office and high-endresidential.
