Xinyuan Real Estate Co. bought a two-acre site at 421 Kent Ave. in Williamsburg for $54.2 million last month and plans to market the units as condominiums, according to Businessweek. Xinyuan is the first Chinese firm to purchase an American development site planned for more than several units.
The previous owners had planned to build 216 large units averaging 2,000 square feet and market them to Hasidic Jewish families, who tend to need more space to accommodate bigger families. Xinyuan will make some changes to the proposal and add amenities while keeping the spacious residences for growing families priced out of Manhattan, according to Omer Ozden, who advised the company on the purchase.
“This year, there’s been approximately $9 billion-plus invested from China into the United States real estate market, and it’s been almost all individuals, typically individuals buying up one, three, five homes at a time,” Ozden told Businessweek, using data from the National Association of Realtors. “There’s a massive opportunity here.”
Xinyuan has built more than 21 million square feet of housing across China, according to the company website.