The project 151 E. 86th St. will include luxury residential space and two stories of ground-floor retail.
NEW YORK CITY—Ceruzzi Holdings and Kuafu Properties have secured a hefty construction loan for a luxury mixed-use residential and retail project on the Upper East Side.
Located at 151 E. 86th St., the project has nabbed $290 in financing from a foreign capital source. Holliday Fenoglio Fowler arranged the capital on behalf of the developers after previously sourcing financing on Ceruzzi’s behalf for its acquisition of the site in 2014.
The project will include a combination of luxury residential totaling 151,500 square feet and two stories of ground-floor retail totaling 30,600 rentable square feet. Complementing the retail base of the building—which sits at the corner of 86th Street and Lexington Avenue—will be 61 luxury condominium units averaging 2,485 square feet with floor-to-ceiling windows. The building is due for completion in the first quarter of 2019.
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,” says 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.”