Chinese developer buys land in New York for USD66 million
Chinese developer buys land in New York for USD66 million
A former theatre is to make way for a high-end residential development
Xinyuan Real Estate Co. has acquired a parcel of land in New York’s Queens for USD66 million.
The land allows for a mixed use development comprising approximately 34,615 gross buildable square metres with approved plans.
The designs for the development in the area of Flushing, come from the architectural firm of Pei Cobb Freed. The plans include 269 modern condo residences which include a 24-hour doorman, gym, tenant lounge, 305 space parking garage and landscape courtyard.
There will also be a large ground-floor and second-floor retail space.
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The project is within walking distance from the subway train which connects commuters to midtown Manhattan.
“We are very pleased to be developing our third major project in the New York residential real estate market. The location for this project in downtown Flushing is ideally situated particularly as there is a shortage of inventory in the higher-end condominium segment. Given the location of this project, we expect it will be appealing to both local and foreign buyers and investors. We believe our new project will become a unique site in downtown Flushing and a successful project for our Company,” says Mr. Yong Zhang, Xinyuan’s Chairman.
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Source: Property Report