ICBC provides a $65 million USD loan for the 138 East 50th Street Project

Project narrative

Prior to the week of October 21, 2015, the Industrial and Commercial Bank of China (ICBC) issued a $65 million USD loan to Ceruzzi Properties, LLC — a Delaware-incorporated American real estate development and management company — for the 138 East 50th Street Project. The proceeds were to be used by the borrower to support the construction of the first 40 stories of 138 East 50th Street in Midtown East in New York City, New York, where Ceruzzi planned to develop a residential condominium building. The development was planned to be 72-story, 803-foot tall, 180,000 square foot development, with 7,500 square feet of retail space, a 25-space below-grade parking garage, 200,000 sellable square feet, an indoor pool and spa, a fitness center, and work space. In August 2013, Ceruzzi purchased the property from Extell Development Company for $86.2 million USD. Shanghai Chengtao USA LLC (later renamed SMI USA, LLC, a subsidiary of the U.S. division of Shanghai Municipal Investment, was the joint venture partner of Cerruzzi Properties, and helped secure the loan. In 2017, Madison Realty Capital provided a $300 million USD loan that retired the $65 million USD ICBC loan. Pelli Clarke Pelli Architects was responsible for the exterior façade design and Champalimaud was responsible for interior design. Completion for the entire asset was planned for late 2018. Construction of the entire asset was completed in late 2019. In January 2020, its final temporary certificate of occupancy was issued.