Shenzhen-based China Vanke Co., the largest residential developer in the country, is teaming up with U.S. private real estate investment firm, RFR Holding LLC, to co-develop a luxury condominium building in midtown Manhattan, according to a joint announcement.
Financial details were not disclosed.
Located at 610 Lexington Avenue, the property will be a 61-story ultra-luxury residential tower. RFR and real estate firm Hines will work together on construction of the building through a joint development management agreement.
Last October, Chinese conglomerate Fosun International Ltd. agreed to purchase One Chase Manhattan Plaza in Manhattan, New York for US$725 million.
Around the same time, Shanghai-based Chinese property developer Greenland Group Co. also agreed to jointly develop a residential and commercial project called Atlantic Yards in Brooklyn.
The family of Zhang Xin, co-founder of Chinese developer Soho China Ltd., and other investors acquired 40% of the General Motors Building in Manhattan last summer.
RFR Holding was founded in 1991 by Aby Rosen and Michael Fuchs, who are childhood friends. The firm currently manages the Seagram Building on 375 Park Avenue and the Lever House on 390 Park Avenue.