Chinese real estate investors pouring their funds into New York City real estate isn’t exactly a new concept. However, several Chinese developers have recently revealed major plans for exciting new developments that have the potential to transform some of New York City’s most influential neighborhoods. While investors have long been buying individual units in the Big Apple, now new firms are stepping up on start on several major developments within the city.
While there are several different projects going on, most specifically within Manhattan and Brooklyn, one of the highest profile projects is one that involves the Greenland Group. This Shanghai based company is actually an arm of their home city’s government. The developers made headlines when they bought a 70 percent stake in most of the residential part of Brooklyn based Atlantic Yards. This residential development, located near the Barclays Center involves a deal between Forest City Ratner and the Shanghai based developers.
The developer is not only planning on investing money into the new luxury homes in the Atlantic Yards area but they are planning to help build approximately 6,000 units across 14 different buildings in the area. The city has been long awaiting the completion of the Atlantic Yards project and with this developer behind the effort, residents can expect many new luxury condominiums to appear in the area soon.
There is also the Brooklyn-based project known as Oosten. This project is a solo effort by Xin Development Group based out of China. The project will include a mixture of apartments and townhouses and is looking to bring stylish homes to the neighborhood. The two acre site will feature several homes ranging from one bedroom to six bedroom units as well as 15 townhouses with underground garages. The homes start at $700,000 for one bedroom units and increase from there.
While big changes are coming in Brooklyn, Chinese developers are also making headway on a Manhattan based project. China Vanke, currently the largest residential developer in China, just began its first project in New York as they start to build a new 61 story condo at 610 Lexington Avenue. The project broke ground in February and will feature even more high end homes in the popular area.
With these projects, Chinese investors have shown that they can take initiative in building the New York City real estate market and that they are doing more than just buying existing luxury real estate in the area.