Bank of China looks to sell longtime US HQ at 410 Madison

Chinese lender has been moving piecemeal to much larger digs at 7 Bryant Park

New York /
May.May 04, 2017 12:35 PM

As it settles into spacious new digs at 7 Bryant Park, Bank of China is looking to sell its longtime U.S. headquarters at 410-416 Madison Avenue, sources told The Real Deal.

The bank is in talks with several top brokerages to market the seven-story brick building at the corner of East 48th Street, likely as a development site, said sources familiar with the negotiations. The property spans just over 58,000 square feet but offers about 107,500 buildable square feet.

Sources said bank executives have met over the past two weeks with brokers from CBRE, JLL, Cushman & Wakefield, Colliers International and others about the assignment.

A representative for Bank of China could not be reached for comment. The bank, whose U.S. lending operations are led by Raymond Qiao, has become one of the most important lenders in the New York market in recent years, funding projects such as 220 Central Park South, Industry City and the retail space at Hudson Yards.

Bank of China leased and owned the building for more than 35 years as its New York headquarters. But, in 2015, the bank made a bold move to acquire the leasehold for the 28-story glass office building at 7 Bryant Park from Hines and JPMorgan Chase for $600 million and take 250,000 square feet of the property’s total 470,000 square feet.

The bank’s website still lists 410 Madison Avenue as its New York office, and a Queens location at 42-35 Main Street in Flushing. The bank has moved into 7 Bryant Park, but has not fully moved out of the Madison Avenue property, sources said.

In recent months, Chinese investors have faced challenges when trying to pump money into New York’s real estate market, due to a series of capital controls coming out of Beijing.


Related Articles

arrow_forward_ios
Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)
Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
The Chetrit Group's Joseph Chetrit and Park West Village on the Upper West Side (Getty Images, Google Maps)
Chetrit, Stellar land $365M refi for UWS luxury apartment complex
Chetrit, Stellar land $365M refi for UWS luxury apartment complex
Bruce Teitelbaum, 106 West 145th Street and Al Sharpton (Getty, Google Maps)
Teitelbaum slaps Sharpton with legal notice at Harlem HQ
Teitelbaum slaps Sharpton with legal notice at Harlem HQ
Jack Resnick & Sons president Jonathan Resnick and 250 Hudson Street (Getty Images, Google Maps)
PR giant Edelman renews massive space at Resnick’s 250 Hudson Street
PR giant Edelman renews massive space at Resnick’s 250 Hudson Street
Letitia James  with 18-36 Columbus Avenue (Getty, Loopnet)
Rockland County “fraudster” banned from real estate
Rockland County “fraudster” banned from real estate
(Illustration by Kevin Rebong for The Real Deal with Getty)
Cannabis goes legit: Real estate sees green in budding industry
Cannabis goes legit: Real estate sees green in budding industry
 SL Green’s Marc Holliday with 450 Park Avenue  (Taconic Partners, SL Green)
TRD Pro: Here are NYC’s biggest offices sales of Q2
TRD Pro: Here are NYC’s biggest offices sales of Q2
Sen. Mitt Romney and Sen. Kyrsten Sinema (Getty)
Developers, rejoice: Carried-interest loophole is saved again
Developers, rejoice: Carried-interest loophole is saved again
arrow_forward_ios

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

Loading...