Ceruzzi scores $300M construction loan for Midtown East luxury condo

Ceruzzi Properties and SMI USA have scored a $300 million construction loan that allows the developers to move ahead on a 72-story luxury condominium in Midtown East at 138 East 50th Street, sources told The Real Deal. Madison Realty Capital was the lender. The loan is the biggest-ever provided by the firm to date. “We […]

Buyer scoops up $50M penthouse at Related’s 70 Vestry

A mystery buyer has inked a deal to purchase a penthouse at Related Companies’ 70 Vestry Street that was listed for $50 million. The triplex pad — which will span the top three floors of the under-construction, 14-story building — was asking $7,637 per square foot. When completed, the 6,547-square-foot pad will have two terraces […]

Confused about what happened in the luxury market in 2016? Here’s a handy guide

How did Manhattan’s luxury market fare in 2016? The optimistic broker or developer might point to the fact that this year will see a record $9.4 billion in closings for apartments priced $4 million and up, according to a new analysis by The Real Deal. But there’s another benchmark that serves as a more current […]

The 10 most valuable Manhattan condo filings accepted in 2016

What a difference a year makes. In 2015, seven Manhattan condominium plans projecting total sellouts north of $1 billion were accepted by the New York State Attorney General’s Office. But this year, only one Manhattan project crossed the billion-dollar mark, and developers abandoned several condo projects with projected sellouts north of $100 million. Related Companies has […]

Couldn’t make it to The Real Deal’s NYC event? Too bad – here’s what you missed

Panel discussions at The Real Deal’s New York Real Estate Showcase and Forum In the past year, The Real Deal has been to Fort Lauderdale, Miami, Toronto and as far as Shanghai. But there’s no place quite like home. About 4,000 dealmakers flocked to TRD’s New York Real Estate Showcase and Forum on Thursday to […]