Ceruzzi Properties borrows $240M for condo inventory loan from Industrial Bank of Korea, PIA Investment, in Plaza District

Ceruzzi Properties through the entity 50 Lex Development LLC as borrower signed a loan agreement with lenders Industrial Bank of Korea and PIA Investment Management through the entity valued at $240 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 124 residential units at the Centrale at 138 East 50th Street in Plaza District. The deal closed on February 19, 2020 and was recorded on February 25, 2020.
The property contains a total of 216,171 square feet of built space.
The average loan per unit is $1,935,484.
The Commercial Observer reported the lender as the Meritz Securities of Seoul, South Korea, with the total loan to be $350 million. The recorded loan is only $240 million. A team at JLL represented Ceruzzi in the loan. The last time the property sold was August 15, 2013, for $86,225,880.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 124 residential units on January 10, 2019.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $95,000.There has been one new building permit application totaling 216,171 square feet. Those plans include a total of 124 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link