Kuafu Properties, the New York-based developer owned by China-based investors now owns the rights to more than one million square feet of New York real estate, less than one year after entering the US market.
The latest addition to the fledgling Chinese developer’s portfolio is 1 MiMA Tower, a condo complex composed of the top 13 floors of Related Companies’ MiMA building on Manhattan’s 42nd Street, which Kuafu purchased from the US developer for $260 million, according to a statement from Kuafu this week.
The acquisition is Kuafu’s third since July last year, and its second in less than a month as Chinese investment in New York real estate continues to accelerate. Despite rapidly rising prices, investors from mainland China continue to be drawn to mature assets and development projects in America’s commercial capital.
