The Real Deal New York

HNA sells UES mansion for $90M

Chinese conglomerate paid $79.5M for property in April
By Konrad Putzier | February 14, 2018 04:20PM

Chen Feng and 19 East 64th Street

An affiliate of HNA Holdings Group sold an Upper East Side mansion for $90 million less than a year after buying it, amid reports that the Chinese conglomerate is facing financial difficulties.

The buyer, whose identity was not immediately clear, controls a Delaware-based entity called East 64th Street Property Holdings LLC, according to property records filed with the city Wednesday.

Chen Guoqeng, the company’s co-founder, signed the deed document.

HNA bought the 18,860-square-foot mansion at 19 East 64th Street from art heir David Wildenstein in April 2017 for $79.5 million and planned to use it as an office. The company funded the deal with a $50 million mortgage from Ullico.

Bloomberg recently reported that HNA plans to sell $4 billion worth of U.S. properties to help pay off its mounting debt. That includes office tower 245 Park Avenue, which the company bought for $2.2 billion in May.

The government of Qatar signed a contract to buy the property from Wildenstein for $90 million in 2014 with plans to use it as an embassy, but walked away from the deal.