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

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

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
171 Chrystie Street, HUBB’s John McCarthy and Be Aviv’s Ben Harlev (171 Chrystie Street, Ben Harlev via NadlanCityNY)
HUBB NYC picks up LES rental for $64M
HUBB NYC picks up LES rental for $64M
REBNY president James Whelan (REBNY, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Construction pipeline soars 69%: REBNY
Construction pipeline soars 69%: REBNY
3 New York Avenue in Jersey City, NJ (Google Maps, iStock)
Developers land $97M for Jersey City multifamily
Developers land $97M for Jersey City multifamily
Gopuff co-CEO Rafael Ilishayev (Gopuff, iStock)
Gopuff scaling back warehouse footprint amid rapid-delivery slowdown
Gopuff scaling back warehouse footprint amid rapid-delivery slowdown
Incoming WeWork CFO Andre Fernandez (WeWork, iStock)
WeWork names new CFO
WeWork names new CFO
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...