Transactions - MARCH 2, 2016

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

China Vanke venture buys Manhattan development site

by Andrea Waitrovich

China-based China Vanke and its partners have purchased the Rivington House, a development site in Manhattan, for approximately $116 million. The joint venture includes Slate Property Group and Adam America Real Estate.

Real Capital Analytics has identified The Allure Group as the seller. The firm acquired it in 2015 for $28 million. The building was used as a nursing home for AIDS patients.

The asset is located in the Lower East Side and contains a 118-year-old grammar school, which the group plans to convert into about 100 luxury condominiums.

The joint venture has another project in downtown Brooklyn, converting 10 Nevins St. into a 33-story condo tower.  A third project for the joint venture is a residential development site at 251 First St. in Brooklyn’s Park Slope, which will be converted into a 44-unit condominium building.

China Vanke started expanding to markets outside China several years ago to diversify its assets. In 2

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?

We respect your privacy! Please give consent for processing data as described in our Privacy Policy