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Deals & Dealmakers

Chinese developer tapping into home furnishings sector with new LI market

Executives from Lesso Group Holdings completed a tour of the planned Lesso Home New York Market in Westbury, New York, swinging a ceremonial sledge hammer to mark the start of work redeveloping the former Fortunoff Source Mall.

Lesso chairman Wong Luen Hei said, “Lesso’s long term strategic vision places us squarely in the American market with the means to offer both consumer and business-to-business opportunities. With the New York metropolitan area among the most powerful and prosperous economic markets in the United States, the Lesso Home New York Market remains solidly on track to meet our expectations.”

Following completion of the renovation this year, Lesso Home New York Market will offer a broad spectrum of home furnishings, designs, and décor from American and international retailers.

Date: April 9, 2018
Photographer Uli Seit

It will also include new restaurants, community centers and shared co-working space for interior designers.

The redevelopment will include a pedestrain-friendly layout and a range of 21st Century amenities.

Lesso purchased The Source Mall and its connected Fortunoff building last year. As a subsidiary of the Hong Kong-listed Lesso Group Holdings Ltd.,a leader in the home-building materials market, Lesso decided to reinvent the legacy retail space to meet the needs of today’s marketplace.

Executive Director Luo said, “We know from first-hand experience in China’s large and growing consumer sector that our unique one-stop ‘specialized market’ for home furnishing has met with considerable success. Our studies reveal that this concept will also enjoy equal success among America’s discerning consumers and by retailers seeking greater efficiencies.”

Lesso Home has appointed Newmark Knight Frank (NKF) as its leasing agent. Turner Construction is the contractor.

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