Chinese firm picks up large Williamsburg development site in first-of-its-kind deal

TRD New York /
Oct.October 19, 2012 09:00 AM

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.

The site had been slated for 216 condo-units, averaging 2,000 square feet per unit and marketed to Hasidic Jewish families before the acquisition. It is unclear whether Xinyuan will stick to the original site plans or present new designs.

The Chinese developer, under CEO Yong Zhang Xinyuan, has built more than 21 million square feet of housing across China, according to its website.

“There’s no question that China wants its domestic companies to spread their wings around the world,” Dan Fasulo, head of research at New York-based Real Capital, which tracks global commercial property transactions, said. “This firm is no joke. Many Chinese real estate developers are looking overseas almost as a training ground for their people, to bring best practices back home.” [Businessweek] —Christopher Cameron

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Jay Kriegel (Credit: Kent Presents)

Jay Kriegel, Related senior adviser and ex-mayoral chief of staff, dies

Halstead Holiday Party 2019

Inside Halstead’s festive re-creation of Studio 54

Catsimatidis scores approval for $300M tower in Florida

Catsimatidis scores approval for $300M tower in Florida

Breather CEO Bryan Murphy (Credit: LinkedIn and iStock)

Breather bloodbath: Flex-office startup fires 17% of staff

The Tel Aviv Stock Exchange (Credit: Getty Images)

All Year’s Israeli bonds tumble on $41M loss