Hna Confirms Sale Of Nyc Tower At $41m Loss - Property News in Myanmar from iMyanmarHouse.com
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Hna Confirms Sale Of Nyc Tower At $41m Loss

Foreign Property News | Posted by Si Thu Aung (iMyanmarHouse.com)

HNA Group confirmed today that it has sold a majority stake in a Manhattan office building, as the financially-hobbled mainland conglomerate races to sell assets and raise cash.

The parent company of China’s Hainan Airlines said that it had sold its 90 percent stake in 850 Third Avenue in New York in a deal which, according to an account in US website Bisnow, is valued at $422 million.

The disposal comes less than two and a half years after HNA had acquired the same asset in a $463 million transaction, and follows US government scrutiny of the Chinese firm’s ownership of a building which houses the police precinct that protects Trump Tower.

The buyer of the 617,000 square foot (57,321 square metre) Manhattan office property is local investor and real estate developer Jacob Chetrit and his sons, as confirmed in an emailed statement by HNA’s minority partner in 850 Third Avenue, New York-based real estate firm MHP.

“We look forward to working with and providing more opportunities to our friends, Jacob Chetrit and his sons Michael and Simon,” MHP’s president and chief executive officer, David Sturner, said in the statement, according to an account in Bloomberg.

“We are thrilled to have sold this notable asset to a well-respected and established family in the NYC real estate arena.” Both MHP and Atco Properties & Management LLC, which also held a minority stake in the asset, are said to have sold their holdings in the 21-storey tower alongside HNA.

The buyer of the 617,000 square foot (57,321 square metre) Manhattan office property is local investor and real estate developer Jacob Chetrit and his sons, as confirmed in an emailed statement by HNA’s minority partner in 850 Third Avenue, New York-based real estate firm MHP.

“We look forward to working with and providing more opportunities to our friends, Jacob Chetrit and his sons Michael and Simon,” MHP’s president and chief executive officer, David Sturner, said in the statement, according to an account in Bloomberg. “We are thrilled to have sold this notable asset to a well-respected and established family in the NYC real estate arena.”

Both MHP and Atco Properties & Management LLC, which also held a minority stake in the asset, are said to have sold their holdings in the 21-storey tower alongside HNA.

Ref: Property Report

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