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

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

From left: 410-416 Madison Avenue, Bank of China’s Vice Chairman Chen Siqing and 7 Bryant-Park

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 Article

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

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

Multifamily market still reigns in Queens, Blackstone balks after rent reforms and more of the biggest CRE trends right now

Real estate titans … and their toys

Developer seeks $40M for Opportunity Zone site in downtown Newark

This East End icon might finally be closing in on a sale

Mack-Cali sells Paramus office property, Murphy enacts land bank reforms & more North Jersey real estate news

arrow_forward_ios