UPDATED, March 17, 1:55 p.m.: Chinese bank China Cinda paid $140.5 million for a majority stake in a condo project being developed by Hines and Aby Rosen’s RFR Realty.
China Cinda picked up a 65.1 percent stake, according to the New York Daily News, joining fellow Chinese real estate firm China Vanke, which bought a stake in the project last year.
Construction started last year on the building, dubbed 100 East 53rd Street. The alternative address, listed on the permits, Is 610 Lexington Avenue. Compass has been tapped to handle sales for the project.
Cinda is one of four banks specifically formed by China’s Ministry of Finance to take the bad debt from government-formed banks off of their hands.
Yesterday, The Real Deal reported that offshore hotel investments in New York City are expected to reach $3 billion this year. [NYDN] — Tess Hofmann
Correction: An earlier version of this story incorrectly stated that the project will have a hotel component.