HNA’s 245 Park Avenue is officially for sale

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

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
258 8th Avenue (Google, Target)

Target planning yet another NYC store in Chelsea

Target planning yet another NYC store in Chelsea
Churchill Real Estate's Justin Ehrlich and 381 Broadway (Google Maps)

Two-year Tribeca foreclosure saga continues with lawsuit over $20M

Two-year Tribeca foreclosure saga continues with lawsuit over $20M
Adam America's Omri Sachs and Dvir Cohen with 2503-2509 Broadway (Google Maps; Adam America)

Adam America secures $63M in financing for Upper West Side project

Adam America secures $63M in financing for Upper West Side project
Convene CEO Ryan Simonetti (Convene)

Convene closes Manhattan locations as corporate events fail to return

Convene closes Manhattan locations as corporate events fail to return
New York City District Council of Carpenters’s Monitor Glen McGorty (iStock; LinkedIn)

NYC carpenters union changes how it roots out mob ties

NYC carpenters union changes how it roots out mob ties
The Economic Innovation Group identified 145 real estate investments in Opportunity Zones (iStock)

Real estate deals dominate Opportunity Zones. Is that bad?

Real estate deals dominate Opportunity Zones. Is that bad?
11 Penn Plaza and Apple CEO Tim Cook (VNO; Getty)

Apple snags more space at Vornado’s 11 Penn Plaza

Apple snags more space at Vornado’s 11 Penn Plaza
Amazon's Jeff Bezos, Google's Sundar Pichai and Facebook's Mark Zuckerberg (Getty, iStock)

Tech giants occupy nearly 600M-sf of US real estate

Tech giants occupy nearly 600M-sf of US real estate
arrow_forward_ios

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

Loading...