Chinese firm makes $70M all-cash building buy in Jersey City

TRD New York /
Nov.November 14, 2013 02:15 PM

China Construction America has purchased a 1.1 million-square-foot building on the Jersey City waterfront, marking the firm’s second all-cash real estate deal in the New York area since April.

CCA paid $70 million for the mixed-use site at 99 Hudson Street, and has plans to develop the space as an upscale complex with luxury condominiums, rental apartments, retail and a boutique hotel, Real Estate Weekly reported.

The firm, which established a real estate development arm called Dynasty Capital earlier this year to invest in the area, purchased a Class A office building at 445 South Street in Morristown, N.J., for $71 million in April.

CCA has plans to continue expanding its presence in the area, the firm told REW.

“We are pursuing a relatively cautious investment strategy while remaining agile and responsive to market opportunities,” Ning Yuan, president of CCA, told REW.

CCA, a subsidiary of China-based construction and real estate conglomerate CSCEC, is headquartered in Jersey. CCA operates in Greater New York, South Carolina and the Bahamas. [REW]Julie Strickland


Related Articles

arrow_forward_ios
30 Hudson Street in Jersey City and WeWork CEO Sandeep Mathrani (Wikipedia)

WeWork scores big lease at Goldman Sachs’ Jersey City office tower

WeWork scores big lease at Goldman Sachs’ Jersey City office tower
Loew’s Theater at 54 Journal Square Plaza in Jersey City and Jersey City Mayor Steve Fulop (Google Maps, Getty)

Jersey City moves forward with $40M renovation of Loew’s Theater

Jersey City moves forward with $40M renovation of Loew’s Theater
An aerial view and a rendering of The Element at 400 Claremont Avenue (Credit: Google Maps)

Jersey City mixed-use project lands $120M in financing

Jersey City mixed-use project lands $120M in financing
Airbnb lost by a landslide in Jersey City. What went wrong?

Airbnb lost by a landslide in Jersey City. What went wrong?

Airbnb lost by a landslide in Jersey City. What went wrong?
Results are in from Jersey City Airbnb referendum

Airbnb deflated as Jersey City voters tighten rental rules

Airbnb deflated as Jersey City voters tighten rental rules
 Newport Centre 4 at 545 Washington Boulevard and Richard LeFrak (Credit: Google Maps and Getty Images)

LeFrak looks to sell another Jersey City office building

LeFrak looks to sell another Jersey City office building
Jersey City Mayor Steve Fulop (Credit: Getty Images)

Jersey City mayor’s ally is subject of grand jury inquiry into tax evasion

Jersey City mayor’s ally is subject of grand jury inquiry into tax evasion
From Left to Right: Tower on Grove Street reaches stabilization milestone, Toll Brothers to market Hoboken spec office, Cross River pens Fort Less off-market trade, KRE Group inks Bayonne construction loan

Jersey City’s 90 Columbus hits leasing milestone, Toll Brothers markets spec office building in Hoboken & more North Jersey real estate news

Jersey City’s 90 Columbus hits leasing milestone, Toll Brothers markets spec office building in Hoboken & more North Jersey real estate news
arrow_forward_ios

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

Loading...