Developer Louis Ceruzzi has already begun demolition work at his property at 520 Fifth Avenue. We now know that construction will begin next spring on the 71-story Handel Architects-designed tower, courtesy of an interview Ceruzzi gave to the Commercial Observer. In the interview, he also gave an update on his development at 147 East 86th Street. He said there is much work to be done relating to the Second Avenue Subway project, but real work should start in March.
520 Fifth Avenue, which is being co-developed by Shanghai Municipal Investments USA, was to have a hotel as part of the mixed use tower, but will instead have pied-à-terre apartments.
Ceruzzi, who built himself in Connecticut as a real estate lawyer before becoming a developer, has been expanding his reach in Manhattan of late. Why did he switch from law to development? “I also saw the difference in the remuneration of our clients that were in the real estate development business as compared to myself and my colleagues who were practicing law, and so I decided to make a switch,” he told the Commercial Observer.