In June, Chinese private equity firm Kuafu Properties was close to acquiring a plot of land at 143-161 East 60th Street (which includes the late, great dive bar Subway Inn) for $300 million. Now, Kuafu has clinched the deal, according to the Commercial Observer (h/t YIMBY), paving the way for the redevelopment of the site. Kuafu's plans for the six-building assemblage include a residential tower that could rise to more than 1,000 feet tall, adding it to the list of New York City's supertall towers.
Cushman & Wakefield, which worked with original owner World Wide Group on the sale, has been touting the development on a website for what it has called 151 East 60th Street. Among some of the more ridiculously brokerbabble-y bits are these:
"the opportunity to construct a global icon that will undoubtedly attract elite residential purchasers" "The site will undoubtedly host a world-class tower that will represent the pinnacle of New York living."
So there's that.
The executive summary also notes that the six buildings that make up the site "will be delivered vacant allowing demolition imminent upon closing," which is something to keep an eye on.
· Kuafu Properties Completes Buy of $300 Midtown East Site [Commercial Observer]
· Developer Acquires Assemblage At 143 East 60th Street, Plans Residential Tower With Retail, Midtown East [YIMBY]
· Developer May Build Tall Condo Tower on Subway Inn's Grave [Curbed]
· All 143 East 60th Street Coverage [Curbed]
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