Chinese real estate developer acquires land in New York for $66 million
Xinyuan Real Estate Co., Ltd., an NYSE-listed real estate developer and property manager primarily in China and recently in other countries, announced that its U.S. development arm, XIN Development Group International, Inc. has acquired a parcel of land, located at 135-35 Northern Blvd in Flushing, Queens, New York for US$66.0 million. This project is within walking distance from the subway train #7 that connects commuters directly to midtown Manhattan. The land allows for a mixed use development comprising approximately 372,598 gross buildable square feet (34,615 square meters) with approved plans.
The property was formerly a performance theater with a landmarked interior known as RKO KEITH’S Theater. Designs for the buildable development have been prepared by the architectural firm of Pei Cobb Freed with plans for 269 modern condo residences that include amenities such as a 24-hour doorman, gym, tenant lounge, 305 space parking garage and landscaped courtyard as well as a large ground-floor and second-floor retail space. XIN expects to begin construction on this property as the Company’s Oosten project construction comes to completion. Together with the Company’s Oosten project in Williamsburg, Brooklyn, the project in midtown, Manhattan, this project would give the Company approximately one million square feet of buildings under construction in three boroughs in New York City.
Mr. Yong Zhang, Xinyuan’s Chairman, commented, “We are very pleased to be developing our third major project in the New York residential real estate market. The location for this project in downtown Flushing is ideally situated particularly as there is a shortage of inventory in the higher-end condominium segment. Given the location of this project, we expect it will be appealing to both local and foreign buyers and investors. We believe our new project will become a unique site in downtown Flushing and a successful project for our Company.”
Source: Xinyuan Real Estate Co., Ltd