A new development in Hell's Kitchen is moving away from the high end luxury condo market. Instead, developer Xinyuan wants to target upper middle class families in New York and China who are willing to be pay about $1.5 million for a two-bedroom, The Real Deal reports.
Xinyuan is represented by Xin Development in the United States, which purchased the Hell's Kitchen site for $57.5 million over a week ago, after starting negotiations back in November last year.
The property, located at 615 Tenth Avenue is currently home to a Hess Express gas station and features 100,000 square feet of space. Once the Hess Express is out the way, the site will make way for a 90-unit condo building with one and two bedroom apartments, according to TRD.
The development firm told TRD that they are looking to sell apartments for about $2,000 per square foot, which is quite a bit less than the neighborhood average of $2,775.
Xinyuan is most notably known for The Oosten condo building in Williamsburg, and the Hell's Kitchen site will mark its first foray into Manhattan.
· Xinyuan Hell's Kitchen condo won't be super-luxe [TRD]
· Xinyuan closes on Hell's Kitchen condo site for $57.5M [TRD]
· Oosten's Chinese Developer Eyes Site For Manhattan Debut [Curbed]