(NEW YORK, NEW YORK)—A long-languishing empty lot at 131 East 47thStreet, near Rockefeller Center, has recently been bought by Chinese development firm Hopson Development Holdings for $113.5 million, Bisnow reports. The overall project is projected to cost around $225 million.
Sunset Park-based New Empire Real Estate Development, headed by Bentley Zhao, bought the site from Extell for $81 million in 2014 and demolished the existing block of tenement buildingsto build yet another garish, postmodern glass tower. Last summer the developer was sued by Town Residentialfor its unpaid consulting fees and termination fees related to work on the same site in question at 131 East 47thStreet.
Hopson’s investment is significant for a number of reasons. Most Chinese investors are currently leaving the US Real Estate market, Biznow reports. A report from CBRE shows that Chinese investment is down by 95% compared to last year (at a still staggering $3.38 billion). The city is also suffering from an undersupply of affordable housing and an oversupply of luxury housing. Both facts make Hopson’s investment both a little unusual and very intriguing.