HNA’s 245 Park Avenue is officially for sale

HNA looking to unload $4B in US property amid rising debt problems

TRD New York /
Feb.February 08, 2018 12:30 PM

Chen Feng and 245 Park Avenue

HNA Group will put $4 billion in U.S. properties on the market, including 245 Park Avenue, the Manhattan office tower it paid $2.2 billion for just last year.

The Chinese conglomerate is looking to address its mounting debt by liquidating the holdings, Bloomberg reported. HNA has begun relying on investments from employees to meet its obligations.

Other buildings HNA is putting on the block include the Cassa Hotel and 850 Third Avenue in Manhattan and 123 Mission Street in San Fransisco. As of December, the company was not planning to list 245 Park.

An affiliate brokerage of HFF will handle marketing. According to data from Real Capital Analytics, HNA owns more than $14 billion in real estate worldwide.

Last fall, the Chinese government announced an increase in regulations discouraging outbound capital in high volumes, putting more pressure on firms like HNA, which has been spendings billions on U.S. real estate, to reign in its spending. [Bloomberg] — Will Parker


Related Articles

arrow_forward_ios
Mayor Bill de Blasio (Getty, Wikimedia)

Landlords challenge city laws protecting non-paying businesses

Landlords challenge city laws protecting non-paying businesses
From left: G.H. Palmer's Geoffrey Palme, RFR Holdings' Aby Rosen, Macklowe Properties' Harry Macklowe, Thor Equities' Joseph Sitt and Ellicott Development's Carl Paladino (Getty, iStock)

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks
Photo illustration of Ryan Serhant and  22-43 Jackson Avenue (Getty, Trader Joe's) 

Trader Joe’s to open in LIC early next year

Trader Joe’s to open in LIC early next year
Shawn Mobley (left), is being replaced by Andrew McDonald (right) as CEO of the Americas at Cushman

Shakeup at Cushman: Mobley out, McDonald promoted

Shakeup at Cushman: Mobley out, McDonald promoted
(iStock)

To survive, NYC retailers are treating average Joe’s like they’re rich

To survive, NYC retailers are treating average Joe’s like they’re rich
The financing deal comes after AMC theaters have been shuttered for months due to the coronavirus pandemic. (iStock)

AMC nears deal to avoid bankruptcy

AMC nears deal to avoid bankruptcy
CIM Group’s Shaul Kuba, Knotel's Amol Sarva, Related Group’s Jorge Pérez and The Agency’s Mauricio Umansky (Getty, Sarva by Sasha Maslov, iStock)

These real estate companies got fat PPP loans

These real estate companies got fat PPP loans
(Google Maps)

Buyers from Hong Kong and China are scooping up London’s luxury inventory

Buyers from Hong Kong and China are scooping up London’s luxury inventory
arrow_forward_ios

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

Loading...