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Chinese firm makes $70M all-cash building buy in Jersey City
China Construction America has purchased a 1.1 million-square-foot building on the Jersey City waterfront, marking the firm’s second all-cash real estate deal in the New York area since April.
CCA paid $70 million for the mixed-use site at 99 Hudson Street, and has plans to develop the space as an upscale complex with luxury condominiums, rental apartments, retail and a boutique hotel, Real Estate Weekly reported.
The firm, which established a real estate development arm called Dynasty Capital earlier this year to invest in the area, purchased a Class A office building at 445 South Street in Morristown, N.J., for $71 million in April.
CCA has plans to continue expanding its presence in the area, the firm told REW.
“We are pursuing a relatively cautious investment strategy while remaining agile and responsive to market opportunities,” Ning Yuan, president of CCA, told REW.
CCA, a subsidiary of China-based construction and real estate conglomerate CSCEC, is headquartered in Jersey. CCA operates in Greater New York, South Carolina and the Bahamas. [REW] — Julie Strickland