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

Partners plan to convert the Rivington Street property into luxury condos

TRD 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
Slate Property Group’s David Schwartz and 45 Rivington Street (Credit: Google Maps)

Mystery buyer snaps up controversial Rivington House for
$160 million

60 East 12th Street and Slate Property Group’s Martin Nussbaum and David Schwartz (Credit: Google Maps)

Slate closes on $106M multifamily building near Union Square

National Cheat Sheet: House flips hit pre-crisis levels, ‘cannabiz’ entices the real estate sector… & more

China’s biggest developer may spin off its property management business

Slate Property’s Scale Lending strikes first deal for a Brooklyn resi project

Adam America locks in refi of Crown Heights luxury building

Slate Property Group makes first investment in LA with $39M portfolio buy

GreenOak, Slate close on $280M+ Biltmore rental tower

arrow_forward_ios