Chinese real estate firm Oceanwide to buy two New York sites for $390 million
Even as data indicate that China's economy is in a fragile state, Chinese demand for New York City real estate remains strong as developer Oceanwide Holdings Group Co has agreed to acquire a pair of sites in Manhattan for $390 million.
Oceanwide agreed to buy the two adjacent sites, at 80 South Street and 163 Front Street in New York, from the Howard Hughes Corp on Friday. Located near the South Street Seaport, the sites have been approved for redevelopment into an 800,000 square-foot, mixed-use tower combining commercial and residential spaces.
"The downtown market is the fastest-growing residential community in New York City," real estate attorney Ross Moskowitz of Stroock & Stroock & Lavan LLP said in an e-mail on Monday. "Combining that with the anticipated redevelopment of the South Street Seaport retail area, the neighborhood is ideal for new growth."
