China Daily Global Edition (USA)
Chinese company to build Manhattan condos with group
China Construction America Inc and its investment and development arm Strategic Capital held a groundbreaking ceremony Tuesday for their first residential development in New York City.
The ceremony was for Greenwich West, located at 110 Charlton Street on the west side of Manhattan’s SoHo neighborhood, steps from the West Village in the district known as Hudson Square.
Acknowledging that the project comes as China and the US are involved in a trade dispute, Zhao Yumin, deputy consul general of the Chinese Consulate General in New York, said the trade war won’t stop the growth of China-US ties.
“Two great peoples need each other,” said Zhao. “Trade is driven by the entrepreneurs of both countries.”
Richard Wood, CEO of Plaza Construction, an affiliate of Strategic Capital, said that while the Manhattan real estate market is experiencing a slowdown, he believes that the timing is good for Greenwich West.
“The very high-end condominiums have definitely slowed,” Wood said. “This project is not a super expensive one. I think it’s the right project at the right time reacting to a market that has some pressure right now.”
Sales of Greenwich West’s 170 residences will begin this fall at prices starting under $1 million, a rarity for a new development in one of Manhattan’s most desired neighborhoods.
Regarding the trade tension between China and the US, Wood points out that even though China Construction America (CCA) is a Chinese company, the vast majority of its revenue is spent in the US.
“All of the suppliers for their projects are Americans, and they in turn employ Americans,” Wood said. “About 98 percent of the money spent by CCA stays in the US.”
Wood said Plaza will be using American steel on the project. “We are happy to use US steel, but I am not partial. For the next project it may be Chinese steel,” he said.