PITTSBURGH, PA – HFF announced today that it has secured
acquisition and pre-development financing for 138 East 50th Street in
Manhattan’s Midtown East neighborhood.
 |
| Jay Marshall |
HFF worked on behalf of the borrower, 50
Lex Development, LLC, a joint venture of Ceruzzi Holdings LLC of New York and
Immovate North America, Inc., a subsidiary of Immovate Projektentwicklungs GMBH
of Graz, Austria, in arranging the two-year, floating-rate, non-recourse loan
with a major U.S. investment bank.
138
East 50th Street is located between Third and Lexington Avenues four blocks
from Rockefeller Center and close to Times Square in Midtown
East. The property is currently improved
with a parking garage.
“No immediate development plans have been announced,”
commented Robert Skolnick of Ceruzzi Holdings.
The
HFF team representing the borrower was led by senior managing directors Dave
Nackoul and Jay Marshall.
 |
| David A. Nackoul |
Ceruzzi Holdings is a New York-based real estate company which develops,
acquires and operates a diversified portfolio of primarily real estate
properties. Ceruzzi Holdings has
successfully completed more than 15,000,000 square feet of transactions and
developed relationships with many nationally known tenants.
Immovate is a real estate developer whose core competence lies in the
revitalization and expansion of real estate assets in downtown locations. Based in Graz, Austria, Immovate realizes exclusive projects, the
total volume of which makes it one of Austria’s leading developers.
For a complete
copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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