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Ceruzzi JV Secures $200M In Financing for 520 Fifth Avenue Project

HFF reports the proceeds of the loan will be used to repay existing debt, conclude design and move forward with pre-development work on the project.

By John Jordan | johnjordan | Updated on July 10, 2017

A rendering of the corner view of the 520 Fifth Ave. mixed-use tower. A rendering of the corner view of the 520 Fifth Ave. mixed-use tower.

NEW YORK CITY—The joint venture of Ceruzzi Holdings LLC and SMI (Shanghai Municipal Investment) USA has secured $200 million in pre-development financing for its planned 520 Fifth Ave. mixed-use tower project.

The 71-story development, situated at the southwest corner of 43rd Street and Fifth Avenue, will feature approximately 425,000 square feet, including 33,000 square feet of Fifth Avenue retail. The remaining square footage will feature luxury condominiums (approximately 171,000 square feet) and a 175,000-square-foot five-star luxury hotel. 520 Fifth Avenue is a 10,625-square-foot site with 85 feet of frontage along Fifth Avenue. Ground breaking for the development will begin in 2018.

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