NEW YORK—Xinyuan Real Estate, a residential real estate developer from China, has acquired a parcel of land in Brooklyn through its U.S. development arm, XIN Development. The purchase price was $54.2 million. The parcel was acquired from New York real estate investor Richard Kalikow.
Consisting of approximately 92,000 sq. ft, the site has completed approximately $8 million of permitting, zoning and foundation construction.
Located in the Williamsburg area of Brooklyn, the site can accommodate approximately 506,000 sq. ft. of buildable residential space. XIN expects to begin construction of a residential condominium building in the first six months of 2013.
“With this pioneering acquisition in one of the most competitive and attractive markets globally, New York City, we have entered the U.S. residential real estate development market,” said Yong Zhang, Xinyuan’s chairman and chief executive officer. “The location is very popular with U.S. domestic purchasers, and New York is a top destination for purchasers from China.”