New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
HNA Sells Majority Stake in 850 Third Ave.
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.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
