850 Third Avenue Manhattan

January 10, 2019 Comments Off on HNA Sells Majority Stake in 850 Third Ave. Views: 2364 Midtown New York, New York News

HNA Sells Majority Stake in 850 Third Ave.

Order Reprints...

Chinese conglomerate HNA Group has sold its majority interest in 850 Third Ave. to locally-based Jacob Chetrit and his sons. Bloomberg News reported that HNA and its partners took a loss on the sale, garnering $422 million after acquiring the tower from Shorenstein Properties for $463 million in 2016.

In the interim, 850 Third’s proximity to Trump Tower made its Chinese ownership a national security concern, in the view of the Committee on Foreign Investment in the U.S. The 617,000-square-foot office property houses one of only two police precincts within a mile of Trump Tower, which President Trump uses as his base when in town.

The largest foreign buyer of U.S. office buildings in 2017, HNA has offloaded about $20 billion in assets over the past year, including commercial property. Most recently, SL Green took a stake in 245 Park Ave., for which HNA paid $2.2 billion in 2017.

Read more at Bloomberg


Subscribe to Connect Daily New York

For comments, questions or concerns, please contact Paul Bubny

Tags: ,

Comments are closed.

Send this to a friend