China’s Fosun buys stake in new Madison Avenue condo tower

on May 1 2015 | in Daily Headlines Trending | by | with No Comments

Chinese real estate development and investment firm Fosun Group has acquired a stake in an 800-foot condo tower that will rise near the Empire State Building.

The company, based in Shanghai, is partnering with development firm JD Carlisle to build the approximately 180-unit tower at 126 Madison Ave. It will be Fosun’s first residential development in the city. Erik Horvat, who heads Fosun’s New York office, said the company is considering opportunities to invest in other residential deals in partnership with JD Carlisle.

“They know how to source good sites at a reasonable price, and we think there’s a synergy working together,” said Mr. Horvat, adding that Fosun is also open to partnering with other developers in the city. “We have the ability to source building materials from China and also bring Chinese buyers to a development like this.”

Last year, Fosun completed its first deal in Manhattan, acquiring 1 Chase Manhattan Plaza, a downtown office tower located at 28 Liberty St., for $725 million. Earlier this month, Fosun signed on its first major tenant to the 60-story tower–Ironshore, a U.S. insurer in which it owns a 20% stake.

Read more at Crain’s New York.

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