NEW YORK CITY—Chinese investors continue to invest in prime Manhattan real estate and are willing to pay top dollar. The Bank of China Ltd. has reportedly agreed to acquire 7 Bryant Park, currently under construction, for a purchase price that will approach $600 million.
The 470,000-square-foot, 28-story tower is being built by a partnership led by Houston-based development firm Hines and J.P. Morgan Chase & Co.'s asset-management arm, according to the Wall Street Journal. The sale will be completed next year upon completion of the project.
Among the more notable Chinese investments in US commercial real estate include last year's purchase of a 20% stake in the General Motors building by Beijing-based developer Zhang Xin and her family. Other investments are Greenland Holdings Group's purchase of a 70% stake in a 6,000-unit apartment development in Brooklyn by Barclays Center and Anbang Insurance Group's $1.95-billion purchase of the Waldorf Astoria.
CBRE Group in a report released this fall stated that the New York region accounted for 78% of Chinese investments in U.S. commercial property between 2007 and 2013.
If the bank relocates to the new building, as expected, it would mark a significant upgrade in its headquarters office space that is currently housed at 410 Madison Ave. See story in the Wall Street Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
