Beijing SHOKAI makes an investment in a future landmark of New York City –New York 281 Five Avenue Luxury Condo Development Project

Time:Mar 22, 2017 09:42 AM From: Author: Font size:BigMiddleSmall Print

At the beginning of 2017, Beijing SHOKAI Group Co., Ltd., one of the first Chinese development companies which have expanded to overseas market, has entered into a joint venture with two world-class real estate developers, Australian-based Lendlease Group and New York City-based Victor Group, to jointly develop a luxury condominium project in the financial center of the world, Manhattan New York. The deal is inked through Beijing SHOKAI’s subsidiary  MAY BAO LTD.

Positioned as a high-end residential condominium, the project is located at the south-east corner of 5th Avenue and 30th Street in the center of Manhattan, one of the most prosperous urban neighborhood which is famous for its fashion business, luxury retail and convenience of living. The project is close to public transportation, within walking distance of the New York landmarks Empire State Building and Madison Square Park. 

World-renowned architect Rafael Viñoly is the designer of this 50-story and 700’ tall luxury condominium project. His recent work, 432 Park Avenue, is the tallest and most expensive residential tower in New York City. With his masterful creation, the Fifth Avenue project will become a new glistening landmark to Midtown Manhattan.

It is not first time for Beijing SHOKAI to enter the US real estate market. Beijing SHOKAI’s subsidiary MAY BAO LTDwas formed in 1992, since then has bought a 14-story office building on West 30th Street in 2001, and a 17-story luxury rental building on East 28th street in 2014. Early 2017, Beijing SHOKAI teams up with two leading international real estate companies to co-develop the Fifth Avenue condominium project in a highly desirable neighborhood. It showcases the strength of Chinese-funded enterprises and the firm confidence in the New York market.

Beijing SHOKAI is looking to expand her coverage to a broader region and to go beyond Manhattan area. With a promising forecast on the greater New York metropolitan real estate market, Beijing SHOKAI is taking a strategic step and developing a luxury residential project on the other side of the Hudson River in New Jersey. 

Beijing SHOKAI has committed to a global development strategy through its subsidiary, Beijing SHOKAI International Limited, and has been active with international acquisitions and development experience in America, Australia, the UK, Hong Kong, and Macao. Recently the group has been purposely increasing global investment. In December 2016, Beijing SHOKAI consummated several large international investments, including the acquisition of 30 Crown Place, the headquarter building of Pinsent Masons in the financial district of London, as well as the Beijing SHOKAI NY 281project in New York City.

The Beijing SHOKAI NY 281project is the first luxury high-rise residential project by Beijing SHOKAI in New York City, and the 4th active real estate investment in the New York metropolitan area. With over 20 years of global real estate development experience, Beijing SHOKAI plans to further expand and solidify in the United States market, and will develop and invest more real estate projects with strengthened confidence.