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
Major real estate stocks ended in negative territory this week. (Getty)
Real estate stocks, markets jittery over inflation
Real estate stocks, markets jittery over inflation
Joseph Chetrit with 427 and 459 (left) Broadway (Getty, Beyond My Ken/Wikimedia)
Chetrit Group falls behind on Soho portfolio mortgage
Chetrit Group falls behind on Soho portfolio mortgage
Joel Landau, chairman and founder of Allure Group. (Google Maps, Score NYC)
These were the top outer-borough loans last month
These were the top outer-borough loans last month
David Schonbraun (SL Green)
SL Green investment chief David Schonbraun steps down
SL Green investment chief David Schonbraun steps down
Aby Rosen and 522 Fifth Avenue (Getty, Google Maps)
RFR pitches Fifth Avenue office building as “build-to-suit” corporate HQ
RFR pitches Fifth Avenue office building as “build-to-suit” corporate HQ
Nearly half of new shops in 2021 will be dollar stores. (Getty)
2021 is raining dollar stores
2021 is raining dollar stores
National chains and mom-and-pop stores are seeing increasing sales per square foot and shrinking occupancy costs (Getty)
National chains paid 93% of rent in April
National chains paid 93% of rent in April
(RIPCO, iStock)
Target, Five Below, Smashburger open in new Brooklyn shopping center
Target, Five Below, Smashburger open in new Brooklyn shopping center
arrow_forward_ios

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

Loading...