Christopher Peck

NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and secured $150 million in financing for the acquisition of 520 Fifth Avenue, a premier development site located at the southeast corner of 43rd Street and Fifth Avenue in Manhattan.

A joint venture between Ceruzzi Holdings (Ceruzzi) and Shanghai Municipal Investment USA (SMI USA) purchased the property.  

The 12-month loan, which was led by J.P. Morgan with mezzanine financing provided by Fisher Brothers, will preface the future development of a state-of-the-art tower with more than 33,000 square feet of irreplaceable Fifth Avenue retail.  

520 Fifth Avenue is a 10,625-square-foot site with 85 feet of prime frontage along Fifth Avenue.  The new owners plan to develop a state-of-the-art mixed-use tower that will consist of flagship retail and either luxury condominiums or a combination of luxury condominiums and hotel.  

Andrew Scandalios

The undeveloped parcel has zoning square footage that will accommodate up to 355,000 square feet resulting in dramatic skyline views.

The HFF investment sales team representing the seller was led by senior managing director Andrew Scandalios.

HFF’s debt placement team was led by senior managing director David Nackoul and associate director Christopher Peck.

“Given my long history and relationship with J.P. Morgan and 520 Fifth Avenue’s unrivaled development potential, we are delighted to have found a pre-development financing solution that allows us to set in motion a development project that will positively change the landscape of Fifth Avenue for generations. 

"It comes as no surprise that J.P. Morgan was able to deliver an attractive financing solution under a short timeframe,” said principal of Ceruzzi Holdings, Louis L. Ceruzzi, Jr.

“We are delighted to have entered into our second transaction with our New York partner, Ceruzzi Holdings, and are looking forward to bringing another iconic building to New York City,” said Kevin Gao, a representative of SMI USA.

David A. Nackoul

“It was a privilege to have worked alongside the Ceruzzi and SMI USA teams to capitalize the last large-scale development parcel along the renowned Fifth Avenue that will pave the way for one of the most iconic mixed-use developments in the world,” said Christopher Peck.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com