China Vanke venture buys Manhattan development site

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