Beijing Builder Buys NYC Lot in First for a China Firm
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A Beijing-based developer took control of a lot slated for more than 200 units of housing near New York’s Brooklyn waterfront, a deal the company says is the first of its kind by a Chinese firm in the U.S.
Xinyuan Real Estate Co. last month bought the 2-acre (0.8-hectare) parcel at 421 Kent Ave. in the Williamsburg section for $54.2 million, said Omer Ozden, who advised the company on the purchase. Under Chief Executive Officer Yong Zhang, Xinyuan has built more than 21 million square feet (2 million square meters) of housing in second-tier Chinese cities including Hefei, Zhengzhou and Chengdu, according to the company’s website.