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Old Posted Jul 5, 2014, 5:22 AM
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Smile NEW YORK | 151 East 86th Street (The Hayworth) | FT | 21 FLOORS

A New Upper East Side 'Skyscraper' Will Rise In Four Years

Wednesday, January 8, 2014


The same developer behind super-luxe Noho condo conversion the Schumacher has just snatched up a prime corner lot at the insanely busy intersection of 86th Street and Lexington Avenue. The Real Deal reports that Stillman Development plans to scrap what's currently two non-exciting, low-rise commercial buildings and build "a 210,000-square-foot mixed-use tower with retail on the first four floors of the building and high-end residential units up top." Another Lucida, perhaps, which tried a similar tactic across the street at 85th and Lexington? Or the Brompton, at the corner of 86th and Third Avenue?

Amassing the land to make room for this "skyscraper" wasn't easy. The seller of 151 East 86th Street is Town International, the company that owns the New York Sports Club there—which, it so happens, has been promised a lease in the new project. Town International netted $82 million in the sale. Meanwhile, the corner site at 161 East 86th Street was a little harder to come by, with Stillman entering into a rather complicated long-term lease agreement with its owner, Sol Goldman, that allows him to build condos above the retail space. Stillman says the building will be complete "in four years" time. Get ready for 2018, Upper East Siders.
Additional information per WSJ --

Developers have completed a complicated part of a deal that will allow them to build a 21-story luxury condominium tower on the Upper East Side.

Stillman Development International LLC in Manhattan and Ceruzzi Properties LLC, based in Fairfield, Conn., signed an agreement with Sol Goldman Investments to lease the lower two floors of 147 E. 86th St. and purchase the site's air rights, an official said. The joint venture is also in contract to purchase the adjacent 151 E. 86th St.

The deal allows the joint venture to complete the footprint for a 210,000-square-foot residential building at the corner of 86th Street and Lexington Avenue with retail on the first four floors, said Matt Crosby, director of Eastern Consolidated, which represented both sides.

Mr. Crosby declined to disclose the terms of the lease and air-rights deal.

For Roy Stillman, president of Stillman Development, the development site has true prominence.


The developers are hoping to take advantage of the high demand for Manhattan luxury condominiums, which set record sale prices last year. The project will have about 60 apartments, which will be larger, family-size units, Mr. Stillman said. The tower will have an articulated glass facade, creating movement through different architectural techniques, Mr. Stillman said


Last edited by Perklol; Jul 5, 2014 at 6:30 AM.
Old Posted Jun 27, 2015, 11:28 PM
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$340M Mixed-Use Development Coming to East 86th Street

A new $340 million, 230,000-square-foot HOK-designed mixed-use development is coming to the northeast corner of East 86th Street and Lexington Avenue.

The residential portion of the building, on floors five to 20, will be home to 50 luxury condominium units, developer Lou Ceruzzi of Ceruzzi Properties, a partner in the project primarily responsible for the retail component, told Commercial Observer. There will be about 30,000 square feet of retail space on the ground, second and lower levels of the building to be erected at 147 and 151 East 86th Street (it will use the address 147 East 86th Street). New York Sports Clubs will occupy 24,000 square feet on the third and fourth floors through a sale-leaseback. The asking rent for the commercial portion is $10 million net a year, said Ripco Real Estate’s Andrew Mandell, who is marketing the retail space.

Ceruzzi Properties, Stillman Development International and Kuafu Properties acquired 147 and 151 East 86th Street plus development rights through a series of complex deals.

“At the end of the day, the retail box that we’re having Andrew lease is spread over the basement, first and second floors,” Mr. Ceruzzi said. “Ultimately that will be owned by the Goldman estate and sublet to us for the same price we paid for the ground lease. The reason is so that condo association has title to both parcels and so we can sell condo units above on floors five and up that are not subject to any ground lease.”

The project’s design is being finished now, but it will include two- through five-bedroom units with asking prices of $3,000 per foot, Mr. Ceruzzi said. There will be 10,000 square feet of residential amenity space including a small health club, children’s playroom, movie room, lounge and 1,500-square-foot rooftop garden terrace. The penthouse units will have 1,500 square feet of rooftop space for private use.

“It’s a very, very well-designed building with fantastic amenities, really the highest end of finishes,” Mr. Ceruzzi said, including marble and granite in the kitchens and marble in the bathrooms.

On Dec. 23, 2013, the developers got a $33.1 million 99-year ground-lease from the heirs of Sol Goldman at 147 East 86th Street, property records indicate. The group then bought 151 East 86th Street from Town Sports International Holdings, the owner and operator of gym chain New York Sports Clubs, for $85.5 million on Sept. 12, 2014, property records show.

At the same point, the health club leased the entire property, paying $750,000 annually now. That rent will increase to $1.7 million per year in the new building, Mr. Ceruzzi said. This March the trio also purchased 19,315 square feet of development rights from 1283-1291 Lexington Avenue for $12.4 million plus 6,535 square feet of footprint rights for $1.6 million. It is in the process of buying inclusionary rights.

“We’re looking to have a spot for a world-class retailer on a very important corner in New York City,” Mr. Ceruzzi said. “I expect that the retail component of our transaction will have one or more retailers on the first floor and at least one of the retailers will merchandise out of the lower-level space also.”

Before Thanksgiving 2014, Fox’s off-price women’s clothing store and Sleepy’s took short-term leases (up to two years) at 147 East 86th Street

“We needed to do something with the space rather than let it just sit sallow while we do our plans,” Mr. Ceruzzi said. “I think it worked out well for us and them.”

The building’s design calls for the Lexington Avenue side of the sidewalk to be expanded and the subway station entrance rebuilt.

“That could be the best residential corner in the entire United States because it sits in what I would argue is the densest residential population in the United States in terms of a neighborhood,” Mr. Mandell said. “It sits on top of one of the busiest subways in the New York subway system.”

Demolition of the two buildings is slated to commence in nine months with construction being completed in 30 months.
Old Posted Jun 27, 2015, 11:52 PM
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I'm happy this new tower is coming, as East 86th Street still has a few crappy lowrises that need to be replaced. Overall, 86th seems to be emerging as one of the nicest east-west shopping streets in Manhattan.

The Second Avenue Subway couldn't come at a better time. It's DESPERATELY needed. The volume on the Lex line is just ridiculous lately.
Old Posted Jun 29, 2015, 6:24 PM
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I totally agree! Glad to see that eyesore going.

@ Kaufu Properties:

Upon completion, the project will be a 223,000 square feet luxury residential condominium tower including a 52,000 square feet flagship retail space. The retail space will include a long-term lease with NYSC for approximately 24,000 square feet along 86th Street and a flagship location for a To-Be-Determined retailer with 28,000 square feet at the corner of 86th Street and Lexington.

The first of approximately 65 condominium units starts on the fifth floor, above four floors of retail. The first floor of residential space will be the equivalent of the 7th floor in surrounding residential condominium buildings, providing residential buyers with excellent views and a quiet atmosphere of living on an upper floor. The residents also has top-end amenities to enjoy on the fifth floor, including an elegant resident lounge, a fitness center and a children’s play room.

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Old Posted Jun 29, 2015, 7:04 PM
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I wish the subway stairs and elevator structures were accommodated on the ground floor, but other than that this building looks fantastic.
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No, it's not pronounced "Keeve."
Old Posted Oct 20, 2015, 2:31 PM
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Kuafu Seeks Nearly $50M in EB-5 Money for East 86th Street Project

OCT. 19, 2015
Following a recent trip to China, executives from Kuafu Properties have started bringing in foreign financing through the EB-5 visa program for their $340 million East 86th Street mixed-use development, the developers told Commercial Observer.

Kuafu and two outside partners have thus far taken in $1.5 million from three investors through the federal program, which allows foreigners to invest in new United States businesses that create jobs in exchange for a path to U.S. citizenship. The objective is to bring in $49.5 million from 99 investors paying $500,000 a piece toward the $340 million project, according to Christopher Sameth, the head of acquisitions for Kuafu Properties.

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Old Posted Feb 12, 2016, 5:53 PM
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NEW YORK | 147 East 86th Street | 210 FT | 21 FLOORS

HOK Architects Files Permits for 21-Story UES Condo Tower, Will Yield New Subway Entrance

Yesterday, Hellmuth Obata & Kassabaum (HOK) filed permit applications with the city’s Department of Buildings to construct their first residential tower in the city–an 18-story, mixed-use condominium tower at 147 East 86th Street on the Upper East Side. The 210,000-square-foot project will anchor the northeast corner of Lexington Avenue and 86th Street and will sit directly atop the Lexington line’s 86th Street subway station, for which the developers will build a new entrance. The $340 million project is being shepherded by a joint venture among Stillman Development, Ceruzzi Properties, and Kuafu Properties, who will build retail on the first few floors of the building and high-end condo units up top. Much of the site is owned by the the estate of real estate mogul Sol Goldman. Filed plans show that the development will contain 63 units and rise 210 feet, the maximum height allowed in the zoning district.

At its podium, there will be nearly 30,000 square feet of retail space, of which the New York Sports Clubs will return and occupy some 24,000 square feet on the third floor. Above is an amenity floor and residential units, which Stillman Development president Roy Stillman says will be large, and family-sized. Lou Ceruzzi of Ceruzzi Properties told the Observer in June that the building will hold two- through five-bedroom condominium homes with asking prices at roughly $3,000 per square foot.
Old Posted Jun 30, 2018, 1:55 PM
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Old Posted May 18, 2019, 10:41 PM
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Chase to Open Branch at Ceruzzi Project on East 86th Street

JP Morgan Chase has signed a 10-year lease for 6,000 square feet at Ceruzzi Holdings’ 1289 Lexington Avenue between East 86th and East 87th Streets, Commercial Observer has learned.

The bank will open a branch on the ground floor of the newly developed 21-story condominium building, christened the Hayworth, according to information from Ceruzzi. It joins Old Navy, which leased a multi-level space spanning 18,500 square feet at the building, as CO previously reported.

Andrew Mandell of Ripco represented Ceruzzi and Cushman & Wakefield’s Michael O’Neill, Jason Greenstone and Taylor Reynolds handled Chase’s side of the deal. “This is an irreplaceable location,” Mandell said. “And Chase leasing it is testament to that.”

The Hayworth is a $415 million, 229,751-square-foot development, which includes 61 condo units and 25,000 square feet of retail space, developed by Ceruzzi. Residential amenities including a children’s playroom, a teen room, a fitness center and a rooftop terrace.


Construction is nearing completion, and occupancy is anticipated for fall 2019, according to information from Ceruzzi.
Old Posted Jul 18, 2020, 4:09 AM
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This is complete.

Recent news, not doing well for this condo tower.

= = = = = =

“We’re exploring everything”: Ceruzzi’s UES condo under pressure after loan falls through

May 15, 2020

Ceruzzi Properties is struggling to secure a lifeline at its Hayworth condominium on the Upper East Side, as the pandemic heaps pressure on overstocked developers across the city.

The firm has been working with JLL’s Chris Peck for months on arranging an inventory loan for the 61-unit development at 1289 Lexington Avenue. However a financing deal with Slate Property Group was stalled by the state shutdown in late March, according to Ceruzzi’s president, Art Hooper.

More recently, JLL’s Jeff Julien has pitched prospective investors about buying out Ceruzzi’s position, touting the building as a potential luxury rental project, according to two sources familiar with the matter.

Julien and Peck did not respond to requests for comment. Asked about plans to sell his firm’s stake, Hooper said he didn’t know who Julien was, and said JLL wasn’t asked to find a buyer. However, he acknowledged his firm was “exploring everything.”

“There’s no question that the condo market is not robust in New York,” Hooper said. “So right now, we’re looking at [either] coming out of Covid selling condos … renting units in the building … Or is there a possibility of somebody coming in and investing in the building? Or maybe selling all the residential units to a bulk buyer … Or some combination of all of the above.”
Old Posted Jul 18, 2020, 4:10 AM
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