China builder and Lennar develop Weehawken condo project

Landsea plans to invest $1 billion in U.S. housing, starting with New York metro area

New York /
Sep.September 03, 2014 05:00 PM

Weehawken, New Jersey is the latest New York metro area location to attract big money from Chinese builders.

China-based Landsea is partnering with Lennar, one of the United States’ largest homebuilders, to develop a 200-unit condo building overlooking the Manhattan skyline, CNBC reported. The project is one of Landsea’s three planned U.S. developments – the other two are in California – that mark the start of a $1 billion investment in stateside housing, according to the business news network.

“Our primary customer is still here domestically in the U.S., but because of our background and who we are and our brand in China, we will get Chinese customers who will want to buy our homes,” Landsea chairman Tian Ming told CNBC.

Landsea owns the land, but Lennar will design and build the property to match a neighboring project it developed.

Two-thirds of the $3 billion that Chinese developers invested in U.S. commercial real estate last year went to projects in the New York, according to Real Capital Analytics data cited by CNBC. [CNBC]Tom DiChristopher


Related Articles

arrow_forward_ios
Canada, South Korea, Germany, Singapore, and the UK top the list of countries investing in real estate. (Getty)
South Korea now No. 2 foreign investor in US CRE
South Korea now No. 2 foreign investor in US CRE
Lennar's Stuart Miller and Sunnova's William J. "John" Berger (iStock)
Lennar to sell off residential solar division for $358M
Lennar to sell off residential solar division for $358M
Lennar Executive Chairman Stuart Miller (iStock)
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
Stockbridge managing director Terry Fancher (Photos via Stockbridge)
Stockbridge and South Korean firm strike $2B warehouse deal
Stockbridge and South Korean firm strike $2B warehouse deal
The Internal Revenue Service is going after foreign real estate investors as part of a broader sweep to collect revenues amid the pandemic.  (iStock)
“There’s a lot of money to be made”: IRS targets foreign real estate investors
“There’s a lot of money to be made”: IRS targets foreign real estate investors
Charles Rettig, Commissioner of the IRS (Getty)
Opportunity Zone rule change seeks to entice foreign investors
Opportunity Zone rule change seeks to entice foreign investors
 The Qualtrics Tower at 1201 2nd Avenue in Seattle with Hana Financial CEO Kim Jung-tai and Skanska USA CEO Richard Kennedy (Google Maps)
$700M Seattle office tower buy would be among largest Covid-era property deals
$700M Seattle office tower buy would be among largest Covid-era property deals
Lennar's Stuart Miller, Rick Beckwitt and Jon Jaffe (Lennar; iStock)
Lennar reports untempered demand for new homes in Q3
Lennar reports untempered demand for new homes in Q3
arrow_forward_ios

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

Loading...