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Global investment and development company Strategic Capital — the investment arm of China Construction America, which itself is the American subsidiary of China State Construction and Engineering Company — is keeping busy in the Greater New York area. Just last week, the company announced a $140 million equity investment in a development located within Manhattan's Hudson Square neighbourhood. The news comes as work on a multi-faceted development in Jersey City, named Park and Shore, ramps up.
Strategic's investment in the development at 110 Charlton Street and 537 Greenwich Street consists of both equity and mezzanine components, establishing a joint venture with Cape Advisors and Forum Absolute Capital Partners (FACP). The 280,000-square-foot tower marks Strategic's first entry into the Manhattan residential market. It will consist of 170 units, retail on the ground floor, and on-site parking.
"This investment demonstrates our in-house ability to identify, finance and develop large scale real estate assets. The combination of outstanding location, unobstructed views and distinctive architecture make this a unique condominium project," said Linsen Zhang, President of Strategic Capital. The project has gone through several design revisions, the latest of which has not yet been publicly released.
Strategic Capital broke ground on their first Jersey City project last October, collectively called Park and Shore, a two-part complex comprised of 75 Park Lane and Shore House. The 37-storey 75 Park Lane will contain 358 residences offering a range of floor plans, from studios to three-bedrooms and penthouses. Shore House is being built across the street, with its 71 units comprised of one- and two-bedroom layouts. Pricing for one-bedroom suites at both buildings will begin at $640,000.
The Woods Bagot-designed development also includes an extensive amenity package inclusive of a private swimming pool, fitness centre, rooftop lounge, children's play area, game room, golf simulator, wine tasting lounge, private dining room, multimedia lounge, and conference areas.
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