Chinese real estate firm Xinyuan is making inroads in Manhattan, after a successful launch earlier in Williamsburg, according to The Real Deal. The firm is in talks to spend $60 million on a 100,000-square-foot Hell's Kitchen lot on Tenth Avenue and West 44th Street to build condos. The site is currently occupied by a Hess Express gas station, and is just a block away from the more than 1,200-unit Gotham West rental complex.
Xinyuan is represented by its subsidiary, Xin Development, in the U.S. The group intends to buy the lot from Marathon Petroleum Corporation, which purchased more than 1,000 of Hess's gas stations last year.
Xinyuan first made a move in New York when it began construction on Oosten, a condo building located on Kent Avenue in Williamsburg, which has 201 condo units and 15 townhouses. An apartment in that building set a record for the most expensive residence in the neighborhood when it sold for $6.49 million in August. Oosten is expected to open in the middle of next year.
· Xinyuan to make Manhattan debut with Hell's Kitchen condo project: sources [The Real Deal]
· 'Burg Project Woos Chinese Buyers With Renders, Dutch Name [Curbed]
· $6.5M Oosten Penthouse Poised to Set a Williamsburg Record [Curbed]