China’s current generation of billionaires have been active in high profile deals across New York buying up the most exclusive apartments and penthouses as well as key redevelopment sites, commercial buildings and leading hotels. Not to be outdone South Korea’s Lotte Group signed a contract at the end of May to buy the Palace Hotel in Manhattan for $805 million
On the back of the Tokyo property bubble period of the 1980’s when the Nikkei broke well through 38,000, and Japanese investors acquired Pebble Beach golf course, Rockefeller Center and Columbia Pictures it was all about acquiring trophy names.
Obviously times have changed although New York still remains the preferred trophy location and the Japanese investors are back but now it is about the yield not somewhere to display the Van Gogh.
Tokyo-based Tokyu Land Corp. has joined with GreenOak Real Estate Advisors and L&L Holding Company to build the first large office tower on Manhattan’s celebrated Park Avenue for three decades. The 670,000-square-foot, 47-story tall tower will cover a full block at 425 Park Ave between 55th and 56th Street, reports are valuing the redevelopment at $1.1 billion.
The three investment partners celebrated the groundbreaking at the site earlier this week with a breakfast time drink of sake tapped from traditional barrels.
