Shanghai investor buys NYC property for $1b project
A joint venture between Ceruzzi Holdings and Shanghai Municipal Investment USA has purchased 520 Fifth Ave., a development site located at the southeast corner of 43rd Street and Fifth Avenue in Manhattan. The sales price was $325 million. The seller was Thor Equities, which acquired the site in 2012 for $132 million and for a $250 million project.
The 10,625-square-foot development site at 520 Fifth Ave. has 85 feet of prime frontage along Fifth Avenue. The new owners plan to develop a $1 billion state-of-the-art mixed-use tower that will consist of flagship retail and either luxury condominiums or a combination of luxury condominiums and hotel. The undeveloped parcel has zoning square footage that will accommodate up to 355,000 square feet.
Holliday Fenoglio Fowler closed the sale of the property and secured $150 million in financing for the acquisition. The 12-month loan, which was led by J.P. Morgan with mezzanine financing provided by Fisher Bros., will p