421 Kent Avenue

A Chinese company has purchased a Brooklyn development site in a $54.2 million deal that represents a first of its kind by a Chinese firm in the U.S.,  Businessweek reported.

The Beijing-based developer, Xinyuan Real Estate, took control of the 2-acre site at 421 Kent Avenue in Williamsburg last month — the first time a Chinese company has bought a U.S. development site planned for more than a few units, according to data from Real Capital Analytics cited by Businessweek. [more]

From left: Massey Knakal Chairman Robert Knakal and 421 Kent Avenue

The lender of a foreclosed Williamsburg property that acquired it from an auction last week has put the plot on the market for $52.5 million, Crain’s reported.

The site is 421 Kent Avenue, located two blocks away from the Williamsburg Bridge. Just over 2 acres in size and with the potential to house a 443,000-square-foot structure, the first developers, Isaac Hager and the late Chaim Lax, reportedly defaulted on their $17 million loan in 2008. The previous year, they had paid $42.6 million for the land. [more]