Xinyuan Real Estate Acquires Land On 10th Avenue In Midtown Manhattan For $57.5M - Land.Net News
BEIJING, Jan. 14, 2016 /PRNewswire/ -- Xinyuan Real Estate Co., Ltd.
("Xinyuan") (NYSE: XIN), an NYSE-listed real estate developer and property
manager primarily in China and recently in other countries, today announced
that its U.S. development arm, XIN Development Group International, Inc. ("XIN"
and collectively with Xinyuan, the "Company") has acquired a parcel of land,
located on 10th Avenue and between 44th Street and 45th Street, in Midtown
Manhattan for US$57.5 million. The city block-front parcel has 200 feet of
frontage on 10th Avenue and includes both corners of the side streets. The land
allows for approximately 105,000 square feet (9,755 square meters) gross
The Company's plans for the mixed-use project include approximately 75 to 90 one and two bedroom condo residences with remarkable amenities and a landscaped roof deck as well as approximately 20,000 square feet of ground floor retail space. XIN expects to begin construction on this property in the second half of 2016.
Mr. Yong Zhang, Xinyuan's Chairman, commented, "We are very pleased to expand
our presence in the New York residential real estate development market with
this well-located, mid-rise, modern design project. Midtown West in Manhattan
has experienced a surge in construction and housing demand in recent years
creating compelling economics for the residential condo units and retail space
we plan to build at this new location. Given the location of this project, we
expect it will be appealing to both local and foreign buyers and this deal gives
XIN the flexibility to consider additional projects in Manhattan and other
locations. We look forward to providing you with updates on this project in the