China Construction America, Inc. (CCA) has purchased 99 Hudson, a mixed-use development site overlooking Hudson River in Jersey City, New Jersey, at a price of $70 million.
The acquisition was CCA’s second all-cash real estate transaction in Metro New York since the company p[aid $71 million for 445 South Street, a Class A office building, in Morristown, New Jersey in April this year.
99 Hudson, totaling approximately 1.1 million square feet is located on the waterfront in Jersey City. Its location offers easy access to midtown Manhattan and the World Trade Center as well as spectacular views of the Manhattan Skyline.
CCA plans to develop the site into an upscale mixed-use complex to include luxury condos, rental apartments, premium retail space and a boutique hotel.
Earlier this year, CCA established its real estate development arm – Dynasty Capital – to facilitate investment in prime locations in Metro New York.
Having inked two all-cash acquisition deals since its incorporation, Dynasty Capital stands steadfast to continue expanding its business presence in this area.
“We have been doing business in this market for nearly 30 years and are well equipped to reach our goals for real estate business”, CCA president Ning Yuan said. “We are pursuing a relatively cautious investment strategy while remaining agile and responsive to market opportunities.”
CCA, established in 1985, is the U.S. subsidiary of CSCEC, a China-based construction and real estate conglomerate that ranks the third largest construction company in the world.
Headquartered in Jersey City, New Jersey, CCA mainly operates in Greater New York, South Carolina, and The Bahamas. It provides general contracting and construction management services for commercial, residential, transportation and education projects.
Some signature projects include Alexander Hamilton Bridge, Pulaski Skyway, Staten Island Expressway, and the Baha Mar Resort, a $3.6 billion project in Nassau, The Bahamas, in which CCA also plays a role as financial advisor as well as equity partner.