The Real Deal New York

Kuafu plans $407M condo offering at MiMA

July 10, 2015 03:15PM
By E.B. Solomont


From left: MiMA Tower, model unit (credit: Kuafu), Shan Dai (top) and Zengliang Shan

Kuafu Properties, which is buying the top 13 floors of Related Companies’ MiMA on the Far West Side, isn’t wasting any time converting the rental apartments into condos.

The New York-based Chinese development firm, which recently disclosed plans to buy a portion of the building, filed an offering plan with the state Attorney General’s office for 151 condominiums, with a total sellout of $407.5 million. The plan also includes seven commercial units at the property, according to a summary of the plan reviewed by The Real Deal.

Kuafu entered into contract this spring to pay Related $260 million for 1 MiMA Tower at 460 West 42nd Street. The condos, which will reportedly start around $1.5 million, will be luxurious but with “more attractive pricing” compared with other new development offerings in the city, Kuafu stated on its website. The developer also said it plans to “refresh” the condo units with upgraded interior design, appliances and home technology.

Related originally planned to sell condos on the upper floors of the 63-story tower. But the developer changed its course in the midst of the financial crisis. It will maintain rentals on the first 50 floors of the tower, which will have separate entrances for the condo and rental portions.

Overall, the tower has 44,000 square feet of amenities including an Equinox gym, swimming pool, full-size basketball court and theater.

Kuafu is also in contract to pay north of $300 million for six contiguous properties on East 60th Street between Lexington and Third avenues. The site offers 280,000 buildable square feet that could accommodate a large residential development. It is also developing Hudson Rise, a Hudson Yards condo-hotel, but it is in the middle of a dispute with former business partner Siras Development.