Wednesday 23 May 2018

Related to sell 13 floors of New York tower to Kuafu

Related is selling part of one of its Manhattan tower blocks
Related is selling part of one of its Manhattan tower blocks

Oshrat Carmiel

US developer Related agreed to sell the top 13 floors of a Manhattan luxury-rental building to Kuafu Properties, a New York-based investment firm that pairs Chinese capital with US real estate.

Kuafu intends to convert the 151 units at One MiMA Tower into condominiums, the company said in a statement. The terms of the deal for the property, at 460 W 42nd St., weren't disclosed.

"This is an exciting acquisition because of everything One MiMA Tower offers residents," Shang Dai, chief executive officer of Kuafu, said in the statement. "One MiMA Tower units will fill a void in New York City's residential market by offering ultra-luxury residences at a more attractive pricing to other new development offerings."

Related intended for One MiMA Tower to be condominiums when construction began in 2008, during a recession that hobbled real estate sales worldwide. As the project neared completion, the New York-based developer decided instead to lease the units at the tower amid strong demand for rentals in Manhattan.

One MiMA Tower spans the top 13 floors of a mixed-use project that also includes a separate 663-unit rental building at the base, called MiMA, that Related will continue to own and manage. While each has a separate entrance, they share amenity spaces.

Residences at One MiMA Tower offer views of Manhattan at more than 500 feet up, according to Kuafu's statement. Other amenities include a basketball court, outdoor theatre and Dog City, a pet spa where owners can arrange for grooming, training and play dates, according to the property website.

"One MiMA Tower is a terrific asset that will have great appeal as a condominium," Joanna Rose, a spokeswoman for Related, said. "We saw a unique opportunity to capitalize on the value we had created."

The average sale price of Manhattan apartments jumped to a record $1.87m in the second quarter. (Bloomberg)

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