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Chinese firm Strategic Capital has made its first investment in the Manhattan multifamily market.
Strategic Capital has entered a joint venture with Cape Advisors and Forum Absolute Capital Partners to develop a 280K SF tower with 170 condominiums on a plot at 110 Charlton St. and 537 Greenwich St., in the Hudson Square neighborhood at the juncture of SoHo and the West Village.
With an overall investment of $140M, the joint venture hopes to begin construction on the project later this year, and put condos up for sale in early 2018. Plaza Construction has been tabbed to build the tower.
Strategic Capital is the investment arm of China Construction America, itself a subsidiary of the China State Construction and Engineering Co. The state-owned firm is among the three largest construction businesses in the world. Plaza Construction is a subsidiary of CSCEC as well.
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