http://newyorkyimby.com/2014/12/99-hu ... eys-tallest-building.html

No image or link provided to replacement design. Perkins Eastman is the architect.

Chinese firm makes $70M all-cash building buy in Jersey City
November 14, 2013 02:15PM

Jersey City
China Construction America has purchased a 1.1 million-square-foot building on the Jersey City waterfront, marking the firm?s second all-cash real estate deal in the New York area since April.
CCA paid $70 million for the mixed-use site at 99 Hudson Street, and has plans to develop the space as an upscale complex with luxury condominiums, rental apartments, retail and a boutique hotel, Real Estate Weekly reported.
The firm, which established a real estate development arm called Dynasty Capital earlier this year to invest in the area, purchased a Class A office building at 445 South Street in Morristown, N.J., for $71 million in April.
CCA has plans to continue expanding its presence in the area, the firm told REW.
?We are pursuing a relatively cautious investment strategy while remaining agile and responsive to market opportunities,? Ning Yuan, president of CCA, told REW.
CCA, a subsidiary of China-based construction and real estate conglomerate CSCEC, is headquartered in Jersey. CCA operates in Greater New York, South Carolina and the Bahamas. [REW] ? Julie Strickland

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I'm not sure we need to turn this into a macroeconomics 101 debate. Direct foreign investment is something most countries actively seek to inject investment capital into the economy. Some of the returns on those investments stay locally, some go back home, some go to remote tax havens like the Cayman Islands. In the end, it all helps put money into the economy and promotes growth.

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Do you also support foreign countries preventing US individuals and corporations from buying or developing property?

Interesting how we allow foreign companies to buy land and generate income and business in real estate developments. With Australians, Indian, Israeli and Chinese companies to name a few doing this. What would happen if Iranian, Iraqi, North Korean or Syrian based companies wanting to do the same?

I'm of the view that only U.S citizens should be allowed to own land and any monies generated should remain here - There should be no grey area in legislation, however I suspect that our economy is much more worse then reported and we a doing anything to generate any growth in employment and development ... you would think that we had ample home grown development companies taking on these or any project !

Interesting find. Was AECOM a partner of Hartz or were they an outside buyer that just reached a deal to purchase the property before the Chinese company made an offer?

AECOM is a partner in the 38-story tower being built by the JV with Toll Brothers at Marin & Bay streets by the Grove PATH station.

Looks like this sale caught a snag for the time being. Via the WSJ today, written by Dawn Wotapka:

"The battle over a Jersey City parking lot slated to be sold to a Chinese company has landed in state court.

In court documents, AECOM, an investment fund of Los Angeles-based AECOM Technology Corp., accuses Hartz Mountain Industries of "aggravated misconduct," claiming Hartz made a side deal to sell the entire site to another buyer for $68 million after agreeing to sell a majority ownership to AECOM for $50 million."


Best,
thejerseycitylife.com
@jerseycitylife

There are dozens of ghost cities in China. It has nothing to do with appliances. It has to do with the collapse of the Chinese economy in more rural areas of China, and the fact that capacity far exceeds demand. It's very very significant.


http://www.businessinsider.com/revisi ... hinas-ghost-cities-2013-9

http://online.wsj.com/news/articles/S ... 4412604578515382905495900


http://www.youtube.com/watch?v=InqAzvX6UrI




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Quit with your scare tactics. They'll probably just park in one of the other nearby parking lots. There are plenty of downtown parking lots that are not full to capacity, even on weekdays. Or even more likely, this building will have it's own parking, like all the other nearby office and residential high rises.

If I'm ambivalent between Fulop and another candidate, come next election, I'll vote Fulop just to spite Yvonne and Fletcher Gensamer (John1952).

that is one expensive parking lot

Or they will city a permit from city hall, allowing them to park on the streets the residents use. That permit cost more than a resident pays, but it is less than a parking lot.

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They will either learn to take public transit, or deal with the unpleasant consequences of finding parking in an extremely dense city.

So what do we do with the cars that come into Jersey City? Will they get a parking permit and take parking from local residents?

They're cryptically known as "C Scec-Usa, Inc." and have their office in Newport. They have to hire local workers to build, so I'm all for it.

That business model isn't restricted to China; when the Miami real estate market crashed, lots of unfinished condos were marketed as "designer-ready", meaning they were sold without finshed walls, ceilings, floors or fixtures.

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I'd read that too, but then I read that that's something of an illusion. When the Chinese build an apartment building the interiors are not finished. The apartments are empty shells without finishes or any appliances. So it takes awhile for them to get finished by the owners of individual units. It may be a year or a year and a half before a new building begins to get occupied. Until then it appears like a ghost building.

they really know how to build tall buildings in china..maybe they'll build a 2,000 tower of babel

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This company is partially subsidized by the chinese govt. Kind of gives them an unfair advantage for many of the competitively bid infrastructure projects they typically work on.

As long as they don't get any tax abatements.

By DAWN WOTAPKA And ELIOT BROWN CONNECT

The Wall Street Journal

A Chinese construction company is in discussions to buy a prime Jersey City, N.J. development site that could support a 1,000-unit apartment complex overlooking the Hudson River, according to multiple executives with knowledge of the sale.

China Construction America Inc., the U.S. subsidiary of Chinese construction giant China State Construction Engineering Corp., has a tentative agreement to buy the site for $68 million, the executives said. A spokeswoman for China Construction said she couldn't comment on the deal because it hadn't closed.

The negotiations, which could still fall apart, are the latest sign that Chinese developers and investors are putting money into U.S. real estate projects. Chinese office developer Zhang Xin purchased a 20% stake in the GM Building earlier this year. Also, China Vanke Co., 000002.SZ +0.21% the country's largest residential developer, is building two condo towers in San Francisco with Tishman Speyer Properties Inc.

The seller of the Jersey City site, known as 99 Hudson Street, is Hartz Mountain Industries Inc., a developer that purchased it in 2011 for $35 million and had been planning to build apartments. Instead, the company wants to take advantage of rapidly rising land values in the New York area.

China State Construction Engineering, China's largest construction company by revenue, has been in the U.S. since the 1980s. But up until recently, it has been known mostly for infrastructure projects.

Over the years, it has won contracts for numerous mid-sized and some larger infrastructure projects in the northeastern U.S., including a new Metro-North commuter train station at Yankee Stadium and a $123 million renovation of the three-mile Pulaski Skyway bridge in New Jersey.

The company, which has an office in Jersey City, also recently entered into the office space business. It paid $71 million for a 320,000 square foot office building in Morris Township, N.J., where it plans to expand its offices as well as rent to other tenants.

The Jersey City site was once slated to be developed into office space for Merrill Lynch & Co., which bought the land in 1999. Secaucus, N.J.-based Hartz Mountain--one of the region's largest landlords with more than 200 retail, office, hotel and industrial properties--acquired the land from Bank of America Corp. in 2011 and was planning a 1,000-unit development.

A Jersey City official said he believes that China Construction will continue those plans if it closes on the deal because the city has a tight rental apartment market.

The area's vacancy rate was 3.5% in the third quarter, down 0.3 percentage points from the third quarter of 2012, below the national 4.2% rate, according to Reis Inc., a real-estate research firm. The average rent was $1,558 in the quarter, well above the national $1,073 average.

--Olivia Fuyao Geng contributed to this article