The General Motors building or 767 Fifth Avenue has had a 40% stake purchase by Chinese and Brazilian investors.
Chinese developer Zhang Xin (chief executive of office landlord Soho China Ltd.)in conjunction with the Safra family of Brazil, have paid more than $700 million for the 40& purchase of the GM building in New York City.
The building, a 50-story tower, is in prime location for real-estate and retail space. It resides on the southeast corner of Central Park, across from the Plaza Hotel. The building includes an Apple Store and FAO Schwarz toy store, which have become large attractions themselves.
The sale marks one of the largest real-estate deals the U.S. has seen by a Chinese investor and may be a sign of Chinese interest in U.S. real-estate to come.
Read more of the Wall Street Journal’s story here. Let us know your thoughts on the GM building’s purchase on our Facebook page! Is this a sign that the United States economy is in trouble?
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