The Real Deal New York

Chinese airline boss closes on $47M pad at One57

CEO of Hainan Airlines bought full-floor, 6,200 sf pad

February 05, 2015 02:07PM
By E.B. Solomont

From left: A rendering of One57 and Guoqing Chen

From left: A rendering of One57 and Guoqing Chen (Credit: China Institute of America)

UPDATED, 6:06 p.m., Feb. 5: The founder of China’s largest private airline company paid $47.4 million for a full-floor condo at Extell Development’s’s One57.

Guoqing Chen, co-founder of HNA Group, closed on the 86th floor unit on Jan. 21, paying $7,645 per square foot for the luxury condo, according to property records filed with the city today. Public documents list the buyer One57 86 LLC, but Chen’s name is listed on the $30.2 million mortgage.

The mortgage, from China Citic Bank International Limited, also names Pacific American Corporation, of which he is CEO and vice president. Pacific American is a subsidiary of HNA Group.

Chen entered into contract in December 2011, putting down a 5 percent deposit. The condo was originally offered for $46.5 million (note: correction appended) according to an offering plan filed with the Attorney General’s office.

The full-floor unit measures 6,200 square feet and has four bedrooms and four bathrooms.

Correction: A previous version of this story incorrectly stated the condo’s original offering price. It was $46.5 million. 

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