A new 380,000-square-foot tower backed by a mysterious Chinese investor is coming to Midtown Manhattan.
Kuafu Properties — which is based in the U.S. — announced the plan to build the 47-story tower. The project’s backers appear to be anonymous mainland investors from China, according to Forbes. The tower will include roughly 50 luxury condominiums and a 400-room hotel that will take up 20 floors. Three stories will be made up of the “Shanghai Club,” an exclusive membership club aimed at an international demographic.
The new tower will be located on five adjacent plots at the southeast corner of 38th Street and 11th Avenue. It’s located across the street from the Jacob Javits Convention Center.
Kuafu, in a joint venture with Siras Development, spent $62 million to buy the plots.
Office space and ground-floor retail are also included in the project. Archilier Architecture is handling the design. Groundbreaking is reportedly scheduled for the second quarter of 2015. [Forbes] – Claire Moses