NEW YORK CITY—Xinyuan Real Estate Co., Ltd., the first real estate developer from China to be listed in the New York Stock Exchange, has formed a joint venture with Kaufu Properties, based in New York. Kuafu was established to bridge Chinese and other Asian investors to the real estate market in the United States. The joint venture, called Xin Fu Development, is majority owned by Xinyuan's US unit. The joint venture will bolster Xinyuan's operations in New York, providing construction management and marketing support.
Currently, Xinyuan has three projects in New York City:
The Oosten Project in Williamsburg, Brooklyn, located at 429 Kent Ave., is an eight-story building. Xinyuan acquired a full block of land, and completed the 216-unit condominium in 2012. Its current listings with Halstead Property includes apartments ranging from a $980,000 1-bedroom unit to a $6.4 million 5-bedroom unit.
Xinyuan is building a seven-story, 82-unit, mixed-use condominium building, called Hudson Garden. The structure will be located at 615 Tenth Ave., between West 44th and West 45th streets.
CityRealty reported that in 2016, Xinyuan paid $57.5 million for the lot, which contained only a gas station and convenience store. Xin Development, one of the company's subsidiaries, received a $108 million construction loan to develop a mixed-used condominium building. Eastern Consolidated, the broker who coordinated the financing, reported the plans include 71,699 square feet of residential space, and 36,053 square feet of ground floor and lower level retail space. CityRealty also reported that Target would be the anchor tenant.
Xinyuan's third project is a planned 16-floor, 269-unit glass tower condominium that will incorporate the building that housed the now defunct RKO Keith's Theatre at 135-35 Northern Boulevard in Queens, New York. The theatre, designed by architect Thomas Lamb, contains a foyer and lobby having landmark status.
Under the joint venture, Xinyuan will continue to own and control the development of the projects including investments, construction, marketing and delivery, while Xin Fu will offer a supporting role.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
