138 East 50th Street facts for kids
Quick facts for kidsThe Centrale
138 East 50th Street on May 24, 2019.
|Location||138 East 50th Street
Manhattan, New York City
|Roof||803 ft (245 m)|
|Floor area||220,639 square feet (20,498.0 m2)|
|Design and construction|
|Architect||Pelli Clarke Pelli|
|Developer||Ceruzzi Properties, SMI USA|
138 East 50th Street, officially named The Centrale, is a residential building in Midtown Manhattan.
The building consists of 124 condominium residences and 7,500 square feet (700 m2) of ground-floor retail located between Third Avenue and Lexington Avenue in Manhattan's Midtown East. The developers planned to sell the condominiums for a total of $535.7 million, or an average of $4.3 million per unit.
Extell Development Company purchased the site in January 2012 for $61 million and sold it to Ceruzzi Properties in August 2014. Initial plans filed in June 2014 indicated the building would be a 52-story, 502 feet (153 m) hotel with 764 rooms designed by SLCE Architects. However, renderings revealed in September 2015 showed the tower would be a 64-story, 803 feet (245 m) condominium tower. In 2015, the developers secured a $65 million loan on the development's land from Industrial and Commercial Bank of China.
The building began construction in mid 2016 and topped out in November 2017. In August 2017, the developers received a $300 million construction loan from Madison Realty Capital. The building was completed in early 2019. In February 2020, Korean firm Meritz Securities provided a $350 million inventory loan against the building's remaining unsold condominiums.
138 East 50th Street Facts for Kids. Kiddle Encyclopedia.