The Real Deal New York

Vanke, Adam America and Slate pay $116M for LES dev site

Partners plan to convert the Rivington Street property into luxury condos

February 29, 2016 08:11AM

45 Rivington Street Wang Shi

45 Rivington Street on the Lower East Side (inset: China Vanke’s Wang Shi)

China Vanke, the largest residential developer in China, just made another big bet on New York.

The property giant, along with Adam America Real Estate and the Slate Property Group, bought the vacant 150,000-square-foot building at 45 Rivington Street on the Lower East Side, paying $116 million to the Allure Group, a nursing-care provider.

The developers hope to convert the building, constructed in 1898, into about 100 luxury condominium units, the Wall Street Journal reported.

Vanke has made a habit of working with local firms when it invests abroad, and it’s buys in New York have been no exception.

“We will continue to commit to the U.S. We will continue to seek out good opportunities and good partners,” Vanke’s Kai-Yan Lee told the Journal.

The joint venture is the latest in a series between the partners. They’re working together on another condo conversion at 251 First Street in Park Slope, which has a planned sellout of $86 million.

They also bought 10 Nevins Street in Downtown Brooklyn together for $48 million late last year.

“We value the regional players that are very solid in their ability to execute and have the track record to prove it,” Lee told the Journal.

Vanke is also partnering with Aby Rosen’s RFR Holdings on 610 Lexington Avenue in Midtown, next to the Seagram Building. [WSJ]Ariel Stulberg