The Real Deal New York

Fosun, JD Carlisle to develop 47-story condo at 126 Madison

This is the Shanghai giant's second foray into NYC

April 30, 2015 10:39AM

Rendering of 126 Madison Avenue in NoMad (credit: Fosun Group)

Rendering of 126 Madison Avenue in NoMad (credit: Fosun Group)

Chinese conglomerate Fosun Group is planning its next New York City real estate venture — a 47-story luxury condo building at 126 Madison Avenue in NoMad, to be co-developed with JD Carlisle.

This is the Shanghai-based company’s second foray into New York City real estate. In 2013, it picked up One Chase Manhattan Plaza for $725 million and renamed it 28 Liberty.

Fosun did not disclose the project’s financial details, the Wall Street Journal reported.

“Fosun is confident that this property will be viewed internationally as another iconic New York City tower,” said Alex Gong, executive president of Fosun Property, the unit that will handle the development.

JD Carlisle bought the site, between 30th and 31st streets, in March for north of $100 million, as The Real Deal reported.

Fosun has been buying up real estate all over the globe, including in London, Sydney, Tokyo and Lisbon. [WSJ] — Tess Hofmann