Chinese investors are in talks to buy part of the iconic GM building in New York, valued at $3.4bn.
The GM building standing tall Image: Rezsox |
A group of Chinese investors, including real estate mogul Zhang Xin, are in talks to purchase a 40% stake in the General Motors building in New York.
The building, valued at an astronomical $3.4 billion, makes up part of the iconic Manhattan skyline, which spans over 200 years of architectural history.
The sellers are a group of Middle Eastern investors who own 40% of the building. The remaining 60% is owned by Boston Properties Inc., an American company, which paid $2.8bn for the stake at the height of the financial crisis in 2008.
Zhang, unlike many Chinese property investors, has shown a great deal of interest in US real estate. Zhang’s family purchased a 49% stake in Park Avenue Plaza in 2011 for close to $600m and was also involved in the acquisition of Sony Corp’s U.S. headquarters in New York for $1.1bn.
Located in the south-east corner of Central Park, the GM building is seen as one of the most desireable properties in Manhattan. Apple has its flagship store on the ground floor, while the remaining 50 floors boast nearly two million square feet of rentable space.