The Real Deal New York

Chinese developer’s Williamsburg condos hit the market

Residential building at 429 Kent is Xinyuan's first ground-up project in U.S.

September 16, 2014 02:00PM

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Offerings at the first ground-up residential project by the U.S. branch of Chinese developer Xinyuan Real Estate Company are now up for grabs.

The Oosten development, which will occupy a full block between Williamsburg’s Kent and Wythe avenues and South 8th and South 9th streets, is slated to hold a total of 216 condominium units starting at $710,000. The property, which has an address of 429 Kent Avenue, is offering up a mix of seven different kinds of apartments: townhouses, duplexes, one-, two- and three-bedrooms, lofts and duplex penthouses.

The property is being developed by Xinyuan’s U.S. arm, XIN Development Group, and is designed by Dutch architect Piet Boon.

Halstead Property’s Robert Lynn and Shelley Wasserman are marketing the units, a handful of which are already in contract, including a $710,000 one-bedroom and a $1.53 million two-bedroom. The development is slated for completion in 2016.

Xinyuan purchased the two-acre development site for $54.2 million in 2012 in a deal that marked the first of its kind by a Chinese firm in the U.S. [Curbed]Julie Strickland

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