NEW YORK CITY—Fosun Group has revealed plans to co-develop a luxury residential tower in New York, according to Bloomberg News. The move demonstrates a continued interest in New York and property investments after its acquisition of One Chase Manhattan Plaza in 2013.
In a partnership with JD Carlisle, Fosun will develop the 47-story condominium tower on Madison avenue in Midtown. Bloomberg cited an email from Fosun as the source of its report, noting that the firm described the project as its first ground-up, high-end overseas project.
Fosun purchased One Chase Manhattan from JPMorgan Chase for $750 million. The China-based firm owns Club Mediterranee SA and is scouting for property investments abroad while it works to boost returns from its insurance operations. Last year it purchased office buildings in Tokyo and Sydney, Bloomberg says, and it acquired Tokyo-based real estate management company Idera Capital Management Ltd.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
