Demir Sabanci to buy land in Manhattan for $80 million
The U.S. is becoming a favorite destination for real estate projects for Turkish construction companies. The most popular cities are Miami in the south and New York in the north. Okan Holding, Nef, Tahincioglu, Tepe Construction, Suzer, Bayraktar, and Bilgili Holding already have projects in the U.S. Recently, Demir Sabanci, who sold his shares in the holding years ago to make his own way, is buying land in the best-known location in New York, Manhattan, according to Kerim Ulker of daily DUNYA.
Sedesco, Demir Sabanci’s U.S.-based real estate company, has four projects in the country. Founded in 2009, all of the projects in Sedesco’s portfolio are in Manhattan. Recently Sedesco sat down with an American real estate company to buy land for $80 million dollars, located in Billionaire Row, Manhattan’s most luxurious neighborhood where the homes of the world’s rich and famous are located. Sabanci wants the land on 41st and West 57th Street. If the agreement is completed, Sabancı will have the opportunity to develop a project on an area of approximately 9,300 square meters. Ulker previously reported that Serdar Bilgili’s company bought the old Gucci building on 5th Avenue in New York City for $135 million to develop a project.