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Here's Proof That China Loves New York City Real Estate

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Chinese investment in New York City real estate has been the subject of many a trend story over the last few years. It's also been quantified, as per the Journal in December 2014: "In all, Chinese investors have spent more than $5 billion on New York City properties since early 2013, according to data firm Real Capital Analytics, up from less than $300 million in 2012." And these backers aren't just sinking all that money into piddling properties—no, they want big names. The Waldorf Astoria. One Chase Manhattan Plaza (soon to lose that name). The General Motors building. So now, it's time to proffer concrete visual evidence of the Chinese-backed real estate spree.
—Zoe Rosenberg and Hana R. Alberts

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1. 118 East 59th Street

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118 East 59th Street
New York, NY 10022

The skewed glass box tower coming to 59th Street is the first project in New York to be completely developed (not co-developed or financed) by a Chinese firm. Somewhat ironically, the developer goes by the name Euro Properties. The tower is designed by Singaporean architect Soo Chan—of Soori High Line fame—and while sales have yet to launch, asks in the condo tower will be "consistent with ultraluxury developments in the area."

2. Oosten

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429 Kent Avenue
Brooklyn, NY 11249

Although Oosten takes its name from the Dutch word for East, it's being developed by Chinese firm Xinyuan Real Estate. News of the revived long-stalled development first came to light when Forbes Asia spotted marketing for condos at the full-block site on major Chinese real estate website SouFun.com, before even news of the development's revival had circulated nationally. The 215-condo development is designed by WASA studio with think! architecture and design, and will have Piet Boon-designed interiors. Sales launched in September from $710,000, and as of December the development was 25-percent sold.

3. Chase Manhattan Plaza

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Pine Street
New York, NY

Chinese company Fosun International Ltd. dished out $725 million in December 2013 for Chase Manhattan Plaza (now rebranded as 28 Liberty Street), with plans to redevelop the landmarked site. Fosun wants to add 175,000 square feet of retail to the building's base (including three floors underground) and replace the SOM-designed tower's black granite ground-level facade with glass storefronts. On May 6 the proposal went ahead of the LPC, who sent the developer and project architect SOM—tapped again—back to the drawing board.

4. Pacific Park/Atlantic Yards

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620 Atlantic Ave
Brooklyn, NY 11217
(877) 772-5849
Visit Website

With the rebranding of Prospect Heights megaproject Atlantic Yards to Pacific Park, developer Forest City Ratner brought on Chinese firm Greenland Holding Group. Together the developers are reshaping the 22-acre area around Barclays Center into a residential and retail haven including 16 apartment buildings designed by the likes of COOKFOX and SHoP. The development is expected to be complete in 2025.

5. 470 Eleventh Avenue

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470 11th Avenue
New York, NY 10018

Chinese private equity firm Kuafu Properties announced plans to bring a Chinese lantern-inspired condo and hotel tower to the Hudson Yards Special District, but after trying to axe co-developers Blackhouse Development and Siras Development, the tower's on the rocks. Before Kuafu went rogue (or perhaps it was Blackhouse and Siras), the tower was anticipated to rise 47 stories and have a 400-room hotel and 42 condos.

6. 7 Bryant Park

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1045 Avenue of the Americas
New York, NY 10018

The Bank of China purchased the under-construction 28-story tower on the corner of 40th Street and Sixth Avenue for $600 million at the end of 2014 from developer Hines, who embarked on constructing the glassy tower with nary a tenant in place. The Bryan Park-facing building is very nearly complete—looks like Curbed will have new neighbors pretty soon.

7. General Motors Building

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767 5th Ave
New York, NY 10153

The General Motors building on the corner of Fifth Avenue and 59th Street—you know, the thing behind the Apple Cube—is the most valuable individual tower in the country. The statistic is based off of its 2008 sale for $2.8 billion. Beijing-based developer Zhang Xin and her family bought a 20-percent stake in the building in 2013, the Journal reports.

8. Waldorf Astoria

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301 Park Ave
New York, NY 10022
(212) 355-3000
Visit Website

Beijing-based firm Anbang Insurance Group purchased the iconic Waldorf Astoria Hotel from Hilton Worlwide Holdings in 2014 in a $1.95 billion transaction, referred to by the Journal as "by far the most ever paid for a hotel." Just a few short months later Anbang announced plans to convert some of the hotel's rooms into condos.

9. One Hundred East Fifty Third Street

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100 East 53rd Street
New York, NY 10022

China Vanke teamed up with Aby Rosen's RFR Holdings to resurrect a long-stalled development site at 610 Lexington Avenue. Now rebranded/re-addressed 100 East 53rd Street, the development duo tapped starchitect Norman Foster to design a slender 61-story condo tower with an angular facade. With 94 apartments, amenities include a gym with a 60-foot pool, a library lounge, and a media room. Sales are launching soon.

10. Baccarat Hotel & Residences New York

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20 W 53rd St
New York, NY 10019
(212) 790-8800
Visit Website
equally ritzy condo

above will follow suit soon. In February, an arm of China-based Sunshine Insurance Group bought the hotel from Starwood for $230 million, which comes out to $2 million per room.

11. Park Avenue Plaza

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55 E 52nd St
New York, NY 10055

In addition to its stake in the GM Building, Soho China also shelled out $600 million to own a piece of Park Avenue Plaza. An SOM-designed tower with a green glass facade, it is very, very shiny.

12. 70 Broad Street

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70 Broad Street
New York, NY 10004

When it hit the market in 2009, everyone thought the Financial District landmark at 70 Broad—also known as the American Bank Note Building—would get bought up and become the most bonkers mega-mansion anyone had every seen. It did get bought... but by "a Chinese investment and construction company that paid far below the final asking price of $25.5 million." The neoclassical building, which was once the purview of a Transcendental Meditation group, apparently serves as company headquarters, while three apartments above are lodging for executives.

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1. 118 East 59th Street

118 East 59th Street, New York, NY 10022

The skewed glass box tower coming to 59th Street is the first project in New York to be completely developed (not co-developed or financed) by a Chinese firm. Somewhat ironically, the developer goes by the name Euro Properties. The tower is designed by Singaporean architect Soo Chan—of Soori High Line fame—and while sales have yet to launch, asks in the condo tower will be "consistent with ultraluxury developments in the area."

118 East 59th Street
New York, NY 10022

2. Oosten

429 Kent Avenue, Brooklyn, NY 11249

Although Oosten takes its name from the Dutch word for East, it's being developed by Chinese firm Xinyuan Real Estate. News of the revived long-stalled development first came to light when Forbes Asia spotted marketing for condos at the full-block site on major Chinese real estate website SouFun.com, before even news of the development's revival had circulated nationally. The 215-condo development is designed by WASA studio with think! architecture and design, and will have Piet Boon-designed interiors. Sales launched in September from $710,000, and as of December the development was 25-percent sold.

429 Kent Avenue
Brooklyn, NY 11249

3. Chase Manhattan Plaza

Pine Street, New York, NY

Chinese company Fosun International Ltd. dished out $725 million in December 2013 for Chase Manhattan Plaza (now rebranded as 28 Liberty Street), with plans to redevelop the landmarked site. Fosun wants to add 175,000 square feet of retail to the building's base (including three floors underground) and replace the SOM-designed tower's black granite ground-level facade with glass storefronts. On May 6 the proposal went ahead of the LPC, who sent the developer and project architect SOM—tapped again—back to the drawing board.

Pine Street
New York, NY

4. Pacific Park/Atlantic Yards

620 Atlantic Ave, Brooklyn, NY 11217

With the rebranding of Prospect Heights megaproject Atlantic Yards to Pacific Park, developer Forest City Ratner brought on Chinese firm Greenland Holding Group. Together the developers are reshaping the 22-acre area around Barclays Center into a residential and retail haven including 16 apartment buildings designed by the likes of COOKFOX and SHoP. The development is expected to be complete in 2025.

620 Atlantic Ave
Brooklyn, NY 11217

5. 470 Eleventh Avenue

470 11th Avenue, New York, NY 10018

Chinese private equity firm Kuafu Properties announced plans to bring a Chinese lantern-inspired condo and hotel tower to the Hudson Yards Special District, but after trying to axe co-developers Blackhouse Development and Siras Development, the tower's on the rocks. Before Kuafu went rogue (or perhaps it was Blackhouse and Siras), the tower was anticipated to rise 47 stories and have a 400-room hotel and 42 condos.

470 11th Avenue
New York, NY 10018

6. 7 Bryant Park

1045 Avenue of the Americas, New York, NY 10018

The Bank of China purchased the under-construction 28-story tower on the corner of 40th Street and Sixth Avenue for $600 million at the end of 2014 from developer Hines, who embarked on constructing the glassy tower with nary a tenant in place. The Bryan Park-facing building is very nearly complete—looks like Curbed will have new neighbors pretty soon.

1045 Avenue of the Americas
New York, NY 10018

7. General Motors Building

767 5th Ave, New York, NY 10153

The General Motors building on the corner of Fifth Avenue and 59th Street—you know, the thing behind the Apple Cube—is the most valuable individual tower in the country. The statistic is based off of its 2008 sale for $2.8 billion. Beijing-based developer Zhang Xin and her family bought a 20-percent stake in the building in 2013, the Journal reports.

767 5th Ave
New York, NY 10153

8. Waldorf Astoria

301 Park Ave, New York, NY 10022

Beijing-based firm Anbang Insurance Group purchased the iconic Waldorf Astoria Hotel from Hilton Worlwide Holdings in 2014 in a $1.95 billion transaction, referred to by the Journal as "by far the most ever paid for a hotel." Just a few short months later Anbang announced plans to convert some of the hotel's rooms into condos.

301 Park Ave
New York, NY 10022

9. One Hundred East Fifty Third Street

100 East 53rd Street, New York, NY 10022

China Vanke teamed up with Aby Rosen's RFR Holdings to resurrect a long-stalled development site at 610 Lexington Avenue. Now rebranded/re-addressed 100 East 53rd Street, the development duo tapped starchitect Norman Foster to design a slender 61-story condo tower with an angular facade. With 94 apartments, amenities include a gym with a 60-foot pool, a library lounge, and a media room. Sales are launching soon.

100 East 53rd Street
New York, NY 10022

10. Baccarat Hotel & Residences New York

20 W 53rd St, New York, NY 10019
equally ritzy condo

above will follow suit soon. In February, an arm of China-based Sunshine Insurance Group bought the hotel from Starwood for $230 million, which comes out to $2 million per room.

20 W 53rd St
New York, NY 10019

11. Park Avenue Plaza

55 E 52nd St, New York, NY 10055

In addition to its stake in the GM Building, Soho China also shelled out $600 million to own a piece of Park Avenue Plaza. An SOM-designed tower with a green glass facade, it is very, very shiny.

55 E 52nd St
New York, NY 10055

12. 70 Broad Street

70 Broad Street, New York, NY 10004

When it hit the market in 2009, everyone thought the Financial District landmark at 70 Broad—also known as the American Bank Note Building—would get bought up and become the most bonkers mega-mansion anyone had every seen. It did get bought... but by "a Chinese investment and construction company that paid far below the final asking price of $25.5 million." The neoclassical building, which was once the purview of a Transcendental Meditation group, apparently serves as company headquarters, while three apartments above are lodging for executives.

70 Broad Street
New York, NY 10004