NEW YORK CITY—Kuafu Properties has entered into contract to acquire One MiMA Tower, the 151 luxury residences consisting of the top 13 floors of the mixed-use project MiMA, developed by Related Cos. A purchase price could not be obtained by GlobeSt.com at press time.
“The proximity to Manhattan's Theatre District and the exciting Hudson Yards neighborhood, coupled with the panoramic views and superior condominium level finishes developed by Related make MiMA a premier asset.”
The residences were originally planned as condominiums and currently are ultra-luxury rentals, achieving some of the highest rents in New York City. Kuafu plans to introduce the residences as for- sale condominiums. Fried Frank attorneys Jonathan Mechanic and Janice MacAvoy, partners at the firm, provided counsel to Kuafu.
Located at 460 West 42nd Street at the gateway to Hudson Yards and Manhattan's dynamic Hudson Yards neighborhood, One MiMA Tower opened in 2012. Located atop MiMA, One MiMA Tower has its own entrance lobby, elevators and commanding views. It has been positioned as an even more distinguished luxury rental than the already very high-end residences at MiMA.
One MiMA Tower features one of the largest residential amenity packages in Manhattan, covering over 44,000 square feet. The mixed-use development also includes a Frank Gehry-designed theatre, a 669-key Yotel and a soon-to-open TreeHaus, a farm-to-table market and restaurant.
“This is an exciting acquisition, because of everything One MiMA Tower offers residents,” says Shang Dai, CEO of Kuafu Properties. “With spectacular views, inspired design and world-class amenities, One MiMA Tower units will fill a void in New York City's residential market by offering ultra-luxury residences at a more attractive pricing to other new development offerings.”
Chris Sameth, head of acquisitions at Kuafu, adds, “The proximity to Manhattan's Theatre District and the exciting Hudson Yards neighborhood, coupled with the panoramic views and superior condominium level finishes developed by Related make MiMA a premier asset.”
With this acquisition, Kuafu Properties has over one million square feet of residential, retail and hospitality assets under development in New York City.
Shanghai Construction Group will invest in the project with Kuafu, and Related will continue its ongoing role in One MiMA Tower post-closing as property manager and a development advisor to ownership.
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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.
