Buyer of Stalled Burg Site Revealed: Chinese Firm

A huge lot in South Williamsburg in the heart of the Hasidic neighborhood close to the waterfront was going to be a seven-story building designed by Karl Fischer. Well, that never happened. As we reported in October, the lot at 421 Kent Avenue was sold to an unknown developer for $31,610,034.91, according to public records. Turns out the buyer is a Beijing-based firm called Xinyuan Real Estate Co., Bloomberg News reported. What’s more, the Chinese company paid $54.2 million for the site, said the Bloomberg story (public records show the buyer paid an additional $24 million in the form of transfer tax to a firm called Beta Capital LLC), and the approved plans call for 12 separate buildings, which Xinyuan plans to market as condos. The company’s chief financial officer said Xinyuan selected the site “for its attractive price, trendy location with restaurants and nightlife, its proximity to Manhattan, and its readiness for vertical construction in a relatively short period of time.” Chinese real estate investors have expanded abroad since new restrictions were imposed at home by a government hoping to avert a real estate collapse, said the story.
Beijing Builder Buys Burg Lot in First for Chinese Firm [Bloomberg News]
Forever-Stalled Burg Development Sells [Brownstoner] GMAP
Development Watch: 36-54 South 8th Street [Brownstoner]
Development Watch: Hager Wasting No Time at 421 Kent [Brownstoner]
Hager Re-Ups in Williamsburg Big-Time [Brownstoner]