Vanke, Adam America and Slate pay $116M for LES dev site

Partners plan to convert the Rivington Street property into luxury condos

New York /
Feb.February 29, 2016 08:11 AM

China Vanke, the largest residential developer in China, just made another big bet on New York.

The property giant, along with Adam America Real Estate and the Slate Property Group, bought the vacant 150,000-square-foot building at 45 Rivington Street on the Lower East Side, paying $116 million to the Allure Group, a nursing-care provider.

The developers hope to convert the building, constructed in 1898, into about 100 luxury condominium units, the Wall Street Journal reported.

Vanke has made a habit of working with local firms when it invests abroad, and it’s buys in New York have been no exception.

“We will continue to commit to the U.S. We will continue to seek out good opportunities and good partners,” Vanke’s Kai-Yan Lee told the Journal.

The joint venture is the latest in a series between the partners. They’re working together on another condo conversion at 251 First Street in Park Slope, which has a planned sellout of $86 million.

They also bought 10 Nevins Street in Downtown Brooklyn together for $48 million late last year.

“We value the regional players that are very solid in their ability to execute and have the track record to prove it,” Lee told the Journal.

Vanke is also partnering with Aby Rosen’s RFR Holdings On 610 Lexington Avenue in Midtown, next to the Seagram Building. [WSJ]Ariel Stulberg


Related Articles

arrow_forward_ios
Goldman Sachs' David Solomon and 15 Brooklyn Park Drive (Streeteasy, Getty)
Goldman Sachs buying $90M Brooklyn Heights apartments
Goldman Sachs buying $90M Brooklyn Heights apartments
Slate Property Group principal Martin Nussbaum and 301 West 22nd Street in Manhattan, NYC (Google Maps, Slate Property Group)
Slate picks up $70M Chelsea multifamily portfolio
Slate picks up $70M Chelsea multifamily portfolio
Slate Property Group's Martin Nussbaum with 231 East 76th Street and 340 East 52nd Street  (Google Maps, Slate Property Group)
Slate, Fortress score $78M Manhattan multifamily portfolio
Slate, Fortress score $78M Manhattan multifamily portfolio
Housing Rights Initiative founder Aaron Carr and Gov. Kathy Hochul (LinkedIn, Getty / Photo illustration by Priyanka Modi)
Housing Rights launches new suit at 421a scheme
Housing Rights launches new suit at 421a scheme
Renderings of 555 Broadway in Williamsburg and Slate’s Martin Nussbaum (ODA Architecture, Slate)
Slate lends $137M on W’burg rental development
Slate lends $137M on W’burg rental development
Clockwise: 138 Bruckner Boulevard in the Bronx, 305 East 61st Street, 161 Lexington Avenue and 539 West 54th Street (Google Maps)
Dozen deals spell big week for Manhattan investment sales
Dozen deals spell big week for Manhattan investment sales
Render of 240 Willoughby Street & Martin Nussbaum, co-founder and principal of Slate Property (Slate Property Group)
Slate lends Rabsky $72M for Fort Greene multifamily project
Slate lends Rabsky $72M for Fort Greene multifamily project
Slate Property Group principal Martin Nussbaum and 210 Clarkson Avenue (Slate, RIPCO)
K2 Real Estate nabs $68M to kick off Prospect-Lefferts Gardens resi project
K2 Real Estate nabs $68M to kick off Prospect-Lefferts Gardens resi project
arrow_forward_ios

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

Loading...