Vanke New York Residential Development Secures Funds

$360 million in financing for the development of 100 East 53rd Street, a new luxury condo in Midtown East neighborhood has been arranged by the Industrial and Commercial Bank of China, (ICBC) through Holliday Fenoglio Fowler, L.P. (HFF).

100 East 53rd Street is situated at the corner of East 53rd Street and Lexington Avenue, adjacent to the renowned Seagram Building at 375 Park Avenue. The development is a joint venture between RFR Holding LLC and Vanke Holdings LLC and China Cinda (HK) Asset Management Co. Ltd.

The Foster and Partners designed project is a 61 storey tower with 94 units for sale made up of studio, one, two, three and four-bedroom layouts. The ground and second floors will house retail and restaurant outlets. The state of the art complex will be fully equipped with swimming pool, sauna, steam room, state-of-the-art fitness center, yoga room, pilates studio, spa treatment rooms, lounge, media room and concierge service. The development is due for completion in 2017

Vanke is the largest residential property developer in China and operates in over 60 cities in China with projects or offices in Hong Kong, New York, San Francisco, Singapore and London.

In 2014, Vanke’s annual revenue exceeded $34 billion USD with more than 210,000 residential units sold.

China Cinda (HK) Asset Management Co. Ltd. is a leading asset management company in China with total registered capital of $5 billion, and asset value of $37 billion.

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