Chinese developer snags United Charities site for $128M

Cheerland Investments to convert offices to high-end condos

Geoffrey Newman and 287 Park Avenue South
Geoffrey Newman and 287 Park Avenue South

Chinese development firm Cheerland Investments paid $128 million for the United Charities Building at 287 Park Avenue South.

The 93,300-square-foot office property, one of the last Charity Row holdouts along a stretch of Park Avenue South that has gone residential, hit the market in March.

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Cheerland plans to convert the offices into high-end condominiums. The price per square foot is roughly $1,300, according to Newmark Grubb Knight Frank broker Geoffrey Newman, who represented the United Charities nonprofit selling the building.

The nonprofits listed the property to pad their endowments and capital reserves, as previously reported. [WSJ, 2nd item]Mark Maurer