Fisher Brothers sells Plaza Construction unit to Chinese firm

Real estate investment firm Fisher Brothers is selling Plaza Construction to the U.S. arm of leading Chinese construction company China State Construction Engineering.

Fisher Brothers has owned Plaza — which provides constructing management and consulting services in New York, Washington, D.C., Florida and California — since it was formed 27 years ago. After the deal goes through, the seller hopes to focus more on development. While China Construction America agreed to make the purchase, the Committee on Foreign Investment in the U.S. needs to give final approval.

“Plaza has exceeded our expectations and I know it will continue to be a major influence in the marketplace, building first-class projects for the next generation and beyond,” Steven Fisher, chairman and CEO of Plaza, said in a statement.

Earlier this month, a group of Chinese investors paid $18.5 million for a parcel at 2300 Cropsey Avenue in Gravesend at a state foreclosure auction. [WSJ] — Mark Maurer