Fosun Property has announced that it will co-develop, with JD Carlisle LLC, an 800-foot, 47-story luxury residential condominium tower located at 126 Madison Avenue in Manhattan’s NoMad (north of Madison Park) neighborhood, an area evolving into one of the hottest residential and hospitality venues in the city.
The residential tower is Fosun’s first ground-up development project in the U.S. This follows Fosun’s acquisition of 28 Liberty, formerly known as One Chase Manhattan Plaza, a 2-million square foot, landmarked class-A office tower in Lower Manhattan which was rebranded earlier this year.
The 350,000 square foot residential tower, located at 30th Street and Madison Avenue, will offer luxury condominiums and is currently in the design and planning stage. The project is close to multiple subway lines and offers remarkable access to transportation. It is designed by Handel Architects with interiors by Gachot Studios, and will provide a unique Manhattan residential experience with generous amenities, including a 75-foot swimming pool, many spa services, a fitness center as well as entertainment spaces.The proposed building offers unsurpassed 360-degree views, and its unique design offers corner living rooms in every unit.
“After our acquisition of the landmark 28 Liberty in 2013, Fosun has expanded its North America real estate development, asset management, and property investment presence. We are honored to develop this new residential property alongside a respected and established local partner such as JD Carlisle,” said Mr. XuXiaoliang, Vice President of Fosun, President of Fosun Property. “This strategic partnership with JD Carlisle enables Fosun to expand and diversify its global real estate holdings.”
As for direct property investment, Fosun Property now holds multiple core assets in New York, London, Sydney, Tokyo and Lisbon. The latest acquisition was 73 Miller Street located in the CBD of North Sydney, a fully occupied office building acquired by Fosun Property in March 2015. In addition, 28 Liberty in New York is now under redevelopment and is open for leasing.
Last, week, Forte, under Fosun Property, partnered with the Australian EG Funds Management on three development projects in Australia. The completed value of the three projects is approximately $650 million (Australian) and all projects are expected to be delivered within the next four years.
Like Fosun Group, Fosun Property follows value-investing principles, and is actively seeking opportunities, including tradable securities linked with real estate businesses all across the globe.Meanwhile, in the private equity / venture capital arena, Fosun Property has invested proactively in multiple real estate businesses, and continues to seek acquisitions of overseas companies with potential value to the Chinese market.
Rendering courtesy of Fosun