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Midtown's Chinese Lantern Tower Wants International Buyers

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New details have emerged for the Chinese lantern-inspired mixed-use tower coming to the Hudson Yards Special District at 470 Eleventh Avenue. Kuafa Properties, a "full-service development platform established with the vision of bridging Chinese capital with prominent U.S. real estate projects" is funding the five-lot assemblage at the corner of 38th Street, adjacent to the Javits Center, through a joint venture with Siras Development. Forbes reports that duo snapped up the lot for $62 million though a just-closed sale, with plans to build a 47-story, 380,000-square-foot tower with an approximately 20-story, 400-room hotel and 50 luxury condos.

Designed by Shanghai-based Archilier Architecture, the funky tower of boxes will also be home to the Shanghai Club, which the developers refer to as a three-story "exclusive membership club for an anticipated international demographic." According to the developer, the club that wants to court Chinese and American business people will feature private dining facilities serving Chinese cuisine, a tea house, areas for socializing, a rooftop bar, and a private pool. Earlier reports state the condos will be marketed to Chinese buyers. The building will also include office space and ground-floor retail.

Former site developer New York-based Blackhouse seems to no longer have a hand in the tower's development, although their involvement (or lack thereof) is not exactly clear. Construction will begin in 2015, and the tower is expected in 2017.
· Mystery Real Estate Company To Build 47-Story Chinese Tower In New York [Forbes]
· Chinese-backed investor to build tower near Javits Center [TRD]
· New West Side Tower Design 'Inspired By Chinese Lanterns' [Curbed]
· All 470 Eleventh Avenue coverage [Curbed]