NEW YORK CITY—A joint venture of Siras Development—a luxury real estate developer based here—and Kuafu Properties, the locally-based Chinese real estate investment and development company, have acquired a development site in the Hudson Yards area, comprised of five adjacent parcels located at the southeast corner of 38th street and 11th avenue. The purchase was made for approximately $62 million.
The planned 380,000-square-foot mixed-use project, set to rise on directly across from the Jacob Javits Center, will consist of approximately 50 luxury condominium units in the top 15 floors of the tower; a 400-room high-end hotel situated on 20 floors; the Shanghai Club, an exclusive membership club for an anticipated international demographic occupying three floors; office space designed to attract the growing millennial generation workforce, and ground-floor retail and lifestyle space.
"We are in a strong position to meet the demands of the market," says Shang Dai, principal of Kuafu Properties, the co-developer and capital provider. "We went into contract for the land at a time when Hudson Yards was beginning to gain prominence as a prime destination. By capitalizing on the timing in the market, we will be able to deliver a superior project designed for what we envision as the new frontier in the New York real estate landscape.
The planned 47-story tower will have a sleek, modern appeal with a distinctive Asian influence.
"As for the hotel component, we retained Jones Lang LaSalle for the RFP process, which is already underway, and we have strong interest from high-end hotel brands that are excited to be a part of one of the strongest hotel markets in the nation," says Ashwin Verma, managing partner of Siras Development. "This project, opposite the Javits Center, close to the Highline and with unparalleled and unobstructed views of the Hudson River promises to be a centerpiece of the area, and will grow in stature as Hudson Yards continues to evolve.”
The Shanghai Club will have views of the Hudson River and the Manhattan skyline and will feature private dining facilities with authentic Chinese cuisine, tea house, areas for lounging and socializing including a rooftop bar, a private pool, and other luxury amenities, expected to appeal to Chinese and American business people as well as international buyers who are looking to purchase a lifestyle as well as real estate.
Groundbreaking on the site is slated for the second quarter of 2015.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
