Shanghai company eyes $3b NYC condo project

The US unit of Shanghai Municipal Investment, the largest State-owned enterprise in Shanghai, is reportedly taking part in a multi-billion-dollar condominium project in New York City.

SMI USA is poised to become a partner with the Extell Development Co, in the development of the Central Park Tower at 217 West 57th Street, the Real Deal reported on Monday.

Real Deal said that new documents filed with the New York attorney general's office for the project list a new corporate entity, SMITELL LLC, which the publication said may be a combination of the two company's names. In June, Extell also transferred title to the new condo to that new entity, the publication said.