Mystery Real Estate Company To Build 47-Story Chinese Tower In New York
A new 380,000 square foot (35,303 square meters) tower in Midtown Manhattan was announced today, and its developers — one of which appears to represent anonymous mainland investors — appear set on turning Chinese capital into New York profits.
According to a statement from U.S.-based (but Chinese-named) Kuafu Properties, a joint venture between the recently formed firm and New York high-end real estate company Siras Development have invested $62 million to acquire a plot in Midtown Manhattan’s Hudson Yards.
The residential development project planned for the site is the second major undertaking by a Chinese developer in the U.S. in the last two weeks, and this latest venture seems to be counting on Chinese appetite for American homes to help boost sales.
A Chinese Luxury High Rise for Midtown
The site of the new project is comprised of five adjacent parcels located at the southeast corner of 38th Street and 11th Avenue, directly across from the Jacob Javits Center in Midtown. The plans for the tower specify approximately 50 luxury condominium units, a 400-room high-end hotel situated on 20 floors, and the three-story “Shanghai Club,” which the developer refers to as “an exclusive membership club for an anticipated international demographic.”
The project will also include office space and ground-floor retail areas and was designed by Archilier Architecture. Groundbreaking is said to be slated for the second quarter of 2015.