Ceruzzi Properties and SMI USA have closed on the purchase of the demolished site at 520 Fifth Avenue from Thor Equities for $325 million, Ceruzzi head Lou Ceruzzi told Commercial Observer. The deal includes land and 60,000 square feet of air rights.
As CO previously reported, the developers are planning to erect a mixed-use development at the site between West 43rd and West 44th Streets. Handel Architects designed the 71-story building, which can be as big as 400,000 square feet, Mr. Ceruzzi previously said, including retail, hotel and residential. The buyers hope to break ground by the end of the year using a design from Thor.
“We paid a price and that included very complete designs for the property,” Mr. Ceruzzi previously told CO. But the building will likely be slightly modified, “subject to input from the hotel company.”
The hotel brand has not yet been determined, Mr. Ceruzzi said today.