Chinese bank takes majority stake in Aby Rosen’s 100 E. 53rd

China Cinda takes 65 pct for $140.5M

TRD New York /
Mar.March 17, 2015 08:05 AM

UPDATED, March 17, 1:55 p.m.: Chinese bank China Cinda paid $140.5 million for a majority stake in a condo project being developed by Hines and Aby Rosen’s RFR Realty.

China Cinda picked up a 65.1 percent stake, according to the New York Daily News, joining fellow Chinese real estate firm China Vanke, which bought a stake in the project last year.

Construction started last year on the building, dubbed 100 East 53rd Street. The alternative address, listed on the permits, Is 610 Lexington Avenue. Compass has been tapped to handle sales for the project.

Cinda is one of four banks specifically formed by China’s Ministry of Finance to take the bad debt from government-formed banks off of their hands.

Yesterday, The Real Deal reported that offshore hotel investments in New York City are expected to reach $3 billion this year. [NYDN] — Tess Hofmann

Correction: An earlier version of this story incorrectly stated that the project will have a hotel component. 

 

Related Articles

arrow_forward_ios

Convene, Industrious partner with Hines to operate new locations across US

Deerfield's James E. Flynn and 345 Park Avenue South (Credit: RFR Realty)

Deerfield to pay $345M for Aby Rosen’s
345 Park Avenue South

Ana Sorokin (Credit: Getty Images)

Con artist who sought nightclub deal with Aby Rosen gets 4 to 12 years in prison

Aby Rosen and 345 Park Avenue South (Credit: Getty Images)

Aby Rosen selling 345 PAS to medical fund manager Deerfield

Anna Sorokin, Aby Rosen and 281 Park Avenue South (Credit: Getty Images and Wikipedia Commons)

Grifter who sought deal with Aby Rosen at 281 PAS convicted on fraud charges

RFR buying Meatpacking District building
for $130M

Condo at MoMA tower lists for $46M as developers fight over pricing and discounts

Private equity firm relocating from Lever House to Third Avenue

arrow_forward_ios