NEW YORK | 126 Madison Avenue | FT | 47 FLOORS


China’s Fosun to Develop Luxury Property in New York

Chinese conglomerate Fosun Group said Thursday it is planning to develop a luxury condominium in Manhattan, its second real estate foray in New York City as it ramps up its overseas expansion plans and diversifies its global real estate holdings.

The Shanghai-based firm said in an emailed statement its unit Fosun Property will co-develop a 47-story residential tower at 126 Madison Avenue with JD Carlisle LLC. Fosun didn’t provide financial details of the investment in New York.

Fosun said the residential tower, currently in the design and planning stage, will attract local and international buyers. “Fosun is confident that this property will be viewed internationally as another iconic New York City tower,” said Alex Gong, executive president of Fosun Property.

In 2013, Fosun Group bought One Chase Manhattan Plaza in downtown Manhattan for $725 million from J.P. Morgan Chase & Co., and renamed the 60-story tower 28 Liberty.

Apart from New York, Fosun Property has been acquiring real-estate assets and property-management platforms abroad in recent years, including asset management firm IDERA in Japan, and office buildings in London, Sydney, Tokyo and Lisbon. Its latest office tower acquisition was 73 Miller Street in Sydney.