For many, living in a brand-new, sparkling Manhattan skyscraper is the ultimate dream. With Ceruzzi Property’s 64-story tower underway in Midtown, that dream is not long for sleeping. Come 2018, the 803-foot building will be completed, creating opportunities for Manhattanites to claim the swoon-worthy condos of their hearts’ desire.
Foundation work having begun last September, the project is currently in progress at about a dozen stories high. It can be viewed rising skyward between Lexington and Third Avenues in Midtown East. The construction status is the latest exciting development for a project that has evolved plenty since its inception.
Located at 138 East 50th, the site was sold to Ceruzzi Properties by Extell back in 2014. At the time, the lot was slated to become an enormous hotel complete with 53 stories with 764 rooms. Since, the plan has changed, adding height to the project as well as condominiums.
Instead of the 53 stories, it will stand at 64, with 124 spacious apartments averaging over 1700 square feet each. The residential portion will sit above 7,500 square feet of retail, qualifying the property as mixed-use. Mixed-use developments are a relatively new phenomenon in New York City, having achieved popularity starting in the 1970s when the city began giving zoning bonuses for such properties. Though there are some additional costs like extra elevators and added entrances, the diversity of mixed-use buildings are considered healthy for city dwellers as well as visitors.
At 64 stories, the skyscraper will be a formidable one. It might have even been among the tallest residential buildings two decades ago, but thanks to the 2000s “supertall boom,” as YIMBY calls it, residential towers between the 700 and 1000 foot range are becoming increasingly common in several Manhattan neighborhoods, Midtown East included.
With the boom in supertall residential buildings, we can also expect added density to the streets. Since foot traffic helps boost local businesses, and thus, the economy, this will benefit the city, but may lead to crowding concerns.
Ceruzzi Properties is contributing to this boom in more ways than one, with another tower slated for construction not far down the road on Fifth Avenue between 43rd and 44th Streets, where an even-taller 71-story building has been planned for some time.
In the meantime, the 50th street tower will continue its ascent. Designed by Pelli Clarke Pelli Architects, it should be a wonder to behold, with lower floors wrapped in a “terra cotta screen wall with integrated louvers,” amenities co-located within the base, and glassy upper floors with staggered setbacks and louvers in the facade.
Residents will enjoy tall ceilings with floor heights starting at 10’6” to 11-2 range in middle levels, and rising to 13’6” on the penthouse floor. Additional perks include on-site parking, swimming pool, a fitness center, and spectacular views.
Construction is expected to finish sometime in 2018, after which condo-lovers’ dreams will be closer than ever to fruition.