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Japanese Firm Takes Majority Stake in Techonic’s Hell’s Kitchen Resi Project


The US arm of Mitsui Fudosan Group, a Japanese firm with $39B in holdings worldwide, bought an undisclosed majority stake in Taconic’s $330M two-towered residential project at 525 West 52nd St. Funds from the project will also subsidize a 102-unit affordable development nearby, the Wall Street Journal reports. The project will double the required 20% affordable units for developments getting a tax break through the 421a program. Mitsui has been in NYC real estate since a wave of Japanese investment here in the '80s, when it bought 1251 Sixth Ave. Most of the Japanese money fled in the '90s, but Mitsui stuck around, holding onto the Class-A office building, which it now counts among its most valuable assets. [WSJ]