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.
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“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