HNA Is in Talks to Sell New York's 850 Third Ave. to B&L
- Chinese firm has been trying to sell since at least February
- U.S. panel expressed concerns due to proximity to Trump Tower
Debt-ridden Chinese conglomerate HNA Group Co. is in talks to sell Manhattan’s 850 Third Ave. -- a building under scrutiny by the U.S. government because of its proximity to Trump Tower -- to a New York-based real estate company, according to people with knowledge of the matter.
The transaction with B&L Management Co. values the 21-story building at $452 million and would cause HNA to realize a loss, according to the people, who asked not to be identified because the talks aren’t public. A contract has yet to be signed, and no deposit has been made, the people said. HNA owns 90 percent of the building, with minority partners MHP Real Estate Services and Atco Properties & Management LLC owning the rest. Both partners have waived their rights to match the offer, a move that would’ve required seeking an equity partner to step in for HNA’s stake.