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Chinese developer Xinyuan Real Estate Co. is forging ahead with plans for a condominium property on Manhattan’s far west side, even as the company’s New York-based executive vice president sees signs of a glut in the luxury-home market.
Xinyuan is distancing itself from the plethora of skyscrapers aimed at ultra-wealthy investors by designing its first project in Manhattan to appeal to dual-income families and other upper-middle-class buyers, both American and Chinese, according to John Liang. Apartments will sell for as much as $2,000 a square foot, he said. That’s less than the $2,775 average for new-development listings in the borough in 2015, according to a report by Halstead Property Development Marketing.
With a mounting supply of high-end homes, “New York’s luxury-condo market is now at a very, very dangerous edge of bubbles,” Liang said in an interview. “It’s a myth that Chinese buyers all come to U.S. loaded with cash.”
Xinyuan completed its $57.5 million purchase of the site, on 10th Avenue between 44th and 45th streets, this month and plans to start construction on what it calls a boutique, mid-tier property as early as next year. About 30 percent of the buyers are expected to be Chinese, about the same share as in the Beijing-based company’s first New York project, Oosten, on Brooklyn’s Williamsburg waterfront, Liang said.
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