China’s biggest builder tests US market with its Manhattan project
Plans revealed for 170 residential units in the centre of one of island’s most-liked neighbourhoods: SoHo, the West Village and Tribeca
An offshoot of China’s largest construction and real estate conglomerate has launched its first foray into the up-market residential market of New York’s Manhattan island.
Strategic Capital, the investment arm of China Construction America, which already has a national portfolio worth in excess of US$1 billion, has announced a US$140 million equity investment in a residential development in the Hudson Square neighbourhood of Manhattan.
It will be working with two New York partners, Cape Advisors and Forum Absolute Capital Partners.
Both Chinese-owned operations’ ultimate parent is the state giant China State Construction & Engineering Company, considered the largest builder in the mainland.
The latest Manhattan project is being built by Plaza Construction, an affiliate of Strategic Capital, which expects to break ground and start building early next month, with the first sales slated for Spring 2018.
When complete the 280,000-square-foot tower will offer 170 residential units, with ground floor retail and parking.
The location is at the confluence of three of Manhattan’s most-liked neighbourhoods: SoHo, the West Village and Tribeca – and has unobstructed views of the Hudson River.
“The combination of outstanding location, unobstructed views and distinctive architecture make this a unique condominium project,” said Linsen Zhang, President of Strategic Capital.
“We look forward to having the opportunity ...to develop this West SoHo site,” added Craig Wood, Co-founder and co-managing partner at Cape Advisors, who said it has treated the deal as one of its major focuses over the past two years.