Xinyuan Real Estate Co., Ltd. ("Xinyuan"), a China-based and managed company has recently expanded it operations in other countries. The recent addition to its assets acquisition is a parcel of land, located on 10th Avenue and between 44th Street and 45th Street, in Midtown Manhattan for the price of US$57.5 million.
The deal, according to PR News Wire, was made possible by its office arm in the United States, XIN Development Group International, Inc. The front of the block is fronting the 10th Avenue by 200 feet and covers both the side streets. It allows about 105,000 square feet (9,755 square meters) buildable development space.
XIN places to construct a mixed-use project which will possibly include 75 to 90 one and two bedroom condo residences with top of the line amenities which will include landscaped roof deck. There will also be approximately 20,000 square feet of ground floor retail space. The construction is expected to begin by the second half of 2016.
Xinyuan's Chairman, Mr. Yong Zhang, commented, "We are very pleased to expand our presence in the New York residential real estate development market with this well-located, mid-rise, modern design project. Midtown West in Manhattan has experienced a surge in construction and housing demand in recent years creating compelling economics for the residential condo units and retail space we plan to build at this new location.
Given the location of this project, we expect it will be appealing to both local and foreign buyers and this deal gives XIN the flexibility to consider additional projects in Manhattan and other locations. We look forward to providing you with updates on this project in the months ahead."
In its China operations, PR News Wire continues, Xinyuan develops and manages large scale, high quality real estate projects in over ten tier one and tier two cities, including Beijing, Shanghai, Zhengzhou, Jinan, Xi'an, Suzhou, among others.
The business, with the aim to provide comfort and convenience to middle-class consumers, is one of the first real estate developers to have entered the U.S. market. It has, in the past years, been actively developing real estates in the Big Apple.
