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Xinyuan Real Estate Acquires New York City Development Site For $54.2M

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Xinyuan Real Estate (NYSE: XIN), a residential real estate developer with a focus on high growth, strategic cities in China, today announced that its U.S. development arm, XIN Development Group International, Inc. ("XIN" and collectively with Xinyuan, the "Company") has acquired a parcel of land, located at Kent Avenue and South 8th Street, in the Williamsburg neighborhood of Brooklyn, New York. XIN purchased the Williamsburg development site for US$54.2 million.

The property offers a total site area of approximately 92,000 square feet (8,547 square meters), and already has approximately US$8 million of permitting, zoning and foundation construction completed. Located in the trendy Williamsburg area, the site will accommodate approximately 506,000 square feet (47,194 square meters) gross buildable residential condominium development. The project is shovel-ready, and with some design modifications, XIN expects to begin construction in the first half of 2013.

Williamsburg is one of the most popular neighborhoods in New York for singles and new families because of the expanding high-quality housing, restaurants and night life, Waterfront Park, and in close proximity to Manhattan. The site has views of downtown Manhattan and is a short distance from the Wall Street financial district. The acquisition represents XIN's first major U.S. residential development project, and its third investment in the United States.

Posted-In: M&A News

 

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