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Xinyuan Real Estate Co., Ltd. (“Xinyuan”) (NYSE: XIN), an NYSE-listed real estate developer and property manager primarily in China and recently in other countries, today announced that its U.S. development arm, XIN Development Group International, Inc. (“XIN” and collectively with Xinyuan, the “Company”) has acquired a parcel of land, located on 10th Avenue and between 44th Street and 45th Street, in Midtown Manhattan for US$57.5 million. The city block-front parcel has 200 feet of frontage on 10th Avenue and includes both corners of the side streets. The land allows for approximately 105,000 square feet (9,755 square meters) gross buildable development.
The Company’s plans for the mixed-use project include approximately 75 to 90 one and two bedroom condo residences with remarkable amenities and a landscaped roof deck as well as approximately 20,000 square feet of ground floor retail space. XIN expects to begin construction on this property in the second half of 2016.
Mr. Yong Zhang, Xinyuan’s Chairman, commented, “We are very pleased to expand our presence in the New York residential real estate development market with this well-located, mid-rise, modern design project. Midtown West in Manhattan has experienced a surge in construction and housing demand in recent years creating compelling economics for the residential condo units and retail space we plan to build at this new location. Given the location of this project, we expect it will be appealing to both local and foreign buyers and this deal gives XIN the flexibility to consider additional projects in Manhattan and other locations. We look forward to providing you with updates on this project in the months ahead.”
(Source: PR Newswire; Photo Source: China Money Network)