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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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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