The site of the future tower is located opposite the Jacob Javits Center (Photo credit: Wikimedia Commons).
A new 380,000 square foot (35,303 square metre) tower in Midtown Manhattan was just 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 today from US-based (but Chinese-named) Kuafu Properties, a joint venture between the recently formed firm and New York high end real estate company Siras Development recently 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 US in the last two weeks, and this latest venture seems to be counting on Chinese appetite for American homes to help boost their sales.
The deal was the second major acquisition of a US residential project by a Chinese developer in the last two weeks, after Dalian Wanda acquired a $900 million project in Chicago.
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