Chinese Developers Continue Investing in NYC Projects

Written By Lara Milbauer | July 28, 2014 | Published in Elegran Insider
2019%2f09%2f13%2f12%2f41%2f11%2f6443d262 5042 48cd b9fd cbac1c238d65%2ffile

It is not uncommon to see international developers involved in big New York City projects. However, one of Midtown’s biggest upcoming projects is being taken on by a Chinese developer whose intentions are to bridge the Chinese capital with the U.S. real estate market. Developers, Kuafu Properties joined together with high-end real estate company Siras Development to invest $62 million on this space in Midtown.

Kuafu Properties is not the only company who has taken the step towards turning Chinese capital into New York profits. According to the National Association of Realtors, Chinese purchases of U.S. homes increased 19% in 2013, making buyers from Hong Kong and the mainland the largest foreign purchasers of U.S. homes by value. The sales amounted to a total $22 billion of U.S. homes bought by Chinese buyers.

This upcoming residential project is the second major undertaking in NYC by a Chinese developer in the last two weeks. The developers are banking on the eagerness of Chinese buyers to invest in NYC real estate to boost the sales. The location of this development will be at the Hudson Yards at 470 Eleventh Avenue. The site will be comprised of five adjacent plots at the southeast corner of 38th Street and 11th Avenue, directly across the street from the Jacob Javits Center in Midtown.

The developers plan to build a 47-story tower spread throughout 380,000 square feet. Designed by Shanghai-based Archilier Architecture, this building will include around 50 luxury condominium units, a 400-room high-end hotel, situated throughout 20 floors, and a three-story “Shanghai Club.” This Shanghai Club would be “an exclusive membership club for an anticipated international demographic,” according the the developers.

The high-end social venue would include private dining facilities with authentic Chinese cuisine, a tea house, areas for lounging and socializing, a rooftop bar, a private pool, and other luxurious amenities. The exclusiveness and luxury appeal of the venue is aimed to court American and Chinese business affiliates. The condominiums will be geared towards Chinese buyers and the building will also include office space and ground floor retail. Construction will begin in 2015 and the completion date is set for 2017.

Blog Archive


This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. © 2021 REBNY Listing Service, Inc. All rights reserved. RLS IDX Data display by Elegran LLC. IDX information is provided exclusively for consumers’ personal, non- commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Elegran LLC may or may not be the exclusive listing agent of the properties being displayed on All data displayed on is presented for informational purposes only and should be independently confirmed by all customers. All Information is compiled from both public and private sources including, but not limited to the RLS, MLS and ACRIS; each of which is assumed to be reliable. All information displayed is subject to errors and omissions regarding apartment specifications and final sale prices, and further, any unit listed may have had its listing withdrawn without notice subsequent to such information being compiled. No representation is made as to the accuracy of any description (ie: listing, close sale data, and/or building description) of any building or individual unit. All measurements and square footage are approximate and all information herein should be confirmed by customer and/or their attorney. Elegran LLC, its members, affiliates, and contributors adhere to New Your City, New York State, and United States Fair Housing Laws.