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  • Thursday, April 27, 2017
  • NYC #1
  • Asian Lifestyle Magazine

CHINESE DEVELOPERS SET FOUNDATION

CHINESE DEVELOPERS SET FOUNDATION

Written by Michael Comandini. Photos by Jason Jaskot
 
 
 unnamed-1It is no secret that China-based investors have great interest in the New York City real estate market. However this past year saw them take that interest to another level, bringing many new developments to the New York City market. From Brooklyn to Manhattan, these investors are making their mark on perhaps the most famous cityscape in the world.The most notable of these projects is perhaps the purchase of the residential portion of the Atlantic Yards project in Brooklyn. The site is also home to the popular Barclays Center and has a thriving transportation hub. Shanghai-based fortune 500 company The Greenland Group purchased the majority of the site, teaming up with US based Forest City Ratner Companies and the world-renowned architect Frank Gehry to create a whole new neighborhood dubbed Pacific Park. The 22-acre master planned community will host 15 mixed-use buildings including 6000 affordable, rental and condominium homes, retail and office space, restaurants, and a hotel.

Also in Brooklyn is the new full-block condo project, The Oosten. Located in South Williamsburg, the Oosten offers 216 homes from the Xin Development Group, a major Chinese developer. The Oosten is Xin’s first project in the US, which they took on without help from other developers.

In Manhattan, China Vanke, China’s largest residential developer,  is working with Aby Rosen to take on it’s first New York venture with 610 Lexington Ave. This 65-story condominium-and-hotel tower is located in Midtown, the premier neighborhood for Chinese buyers and investors, close to 5th Ave, Times Square, and Central Park, all attractions that make NYC special.

A stable economy and large potential growth on investments paired with high demand for new development make NYC an ideal playground for China-based investors. New York is truly an international city, and with the influx of new developments from companies around the world there is no sign of slowing down anytime soon.

 

Michael Comandini is a a licensed real estate broker with Douglas Elliman in NYC; Michael.comandini@elliman.com.

 

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