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Deals & Dealmakers

Kuafu Properties Acquires One MiMA Tower

Kuafu Properties announced that it has agreed to acquire One MiMA Tower, the 151 luxury residences on the top 13 floors of Related Companies’ MiMA development.

The residences, which offers views from over 500 feet up, were originally planned as condominiums and are currently ultra-luxury rentals, achieving some of the highest rents in New York City. Kuafu Properties intends to bring fresh vision and introduce the residences as for sale condominiums.

One MiMA Tower, which first opened in 2012, is located at 460 West 42nd Street, near the Hudson Yards neighborhood. According to Kuafu, the luxury rental was designed to be “more distinguished” than the units in MiMA.

One MiMA Tower, which offers views of the Hudson River and the Manhattan skyline, claims to have one of the largest residential amenity packages in Manhattan, with over 44,000 square feet allocated facilities such a resident-only fitness club managed by Equinox, swimming pool, full-size basketball court, outdoor terraces and a catering kitchen. The mixed-use development also includes a Frank Gehry-designed theatre, a 669-key Yotel and TreeHaus, a farm-to-table market and restaurant.

“This is an exciting acquisition, because of everything One MiMA Tower offers residents,” said Shang Dai, Chief Executive Officer of Kuafu Properties.  “With spectacular views, inspired design and world-class amenities, One MiMA Tower units will fill a void in New York City’s residential market by offering ultra-luxury residences at a more attractive pricing to other new development offerings.”

With the acquisition, Kuafu Properties now has over 1 million square feet of residential, retail and hospitality assets under development in New York City. The company declined to provide details on the occupancy date and the prices of apartments. However, it confirmed that it has already submitted an offering plan to Attorney Genral’s office.

Kuafu is investing on the project with Shanghai Construction Group. Related will continue to be involved in One MiMA Tower as a property manager and a development advisor to ownership.

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