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Centrale at 138 East 50th Street and Ceruzzi president Arthur Hooper (The Centrale NYC, Hooper via Sasha Maslov/Illustration by Kevin Rebong for The Real Deal)
When South Korea’s Meritz Securities put together a $350 million inventory loan for a Ceruzzi Properties condo tower last February, it seemed the company’s appetite for risk was growing.
The pandemic, which hit New York City a few weeks later, has certainly put risk appetites to the test. For the loan on the Centrale, in Midtown East, caution might have been warranted: A lawsuit alleges the $110 million mezzanine portion is in default.