Extell One57 Executive Leaves for Chinese Property Firm

Jeffrey Dvorett, who helped oversee the construction of New York’s One57 for Extell Development Co., has left the firm after nine years to join a Chinese real estate investment group seeking to expand in the U.S.

Dvorett is now head of development for Kuafu Properties LLC, a New York-based firm started last year “with the vision of being the ultimate bridge between Chinese investors and the United States real estate market,” he said today in an e-mail addressed to friends and colleagues.

“We are actively seeking additional investment opportunities to deploy our in-house capabilities and access to capital,” Dvorett wrote.

This year, Kuafu, with partner Siras Development, acquired a development site on Manhattan’s 11th Avenue and 38th Street, directly across from the Jacob Javits Convention Center, for about $62 million, the companies said in a July statement. The firms announced plans for a 47-story tower that will include a 400-room hotel, 50 luxury condos on the top 15 floors and “an exclusive membership club for an anticipated international demographic.”

The 380,000-square-foot (35,000-square-meter) project also will include offices and ground-floor retail, the firms said.

In September, Kuafu made another “significant investment” in a mixed-use site on Manhattan’s Upper East Side, Dvorett said in his e-mail.

Dvorett was vice president of development for Extell, builder of the ultra-luxury One57 condominium tower in Midtown, where two penthouses are under contract for more than $90 million each. He didn’t immediately return a phone message seeking further comment on his new job.