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China Center attracts interest.


The China Commerce Center, expected to open before the end of the year, has already attracted retail and hotel interest.

Although lease/purchase discussions with select developers, including Silverstein Noun 1. Silverstein - United States poet and cartoonist remembered for his stories and poems for children (1932-1999)
Shel Silverstein, Shelby Silverstein
 Properties and Forest City Ratner, fell fiat [Latin, Let it be done.] In old English practice, a short order or warrant of a judge or magistrate directing some act to be done; an authority issuing from some competent source for the doing of some legal act. , William William, crown prince of Germany
William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack
 B. May International, the company spearheading the drive for the center, has partnered with another "household" commercial firm to purchase a building or buildings for the center, according to according to
prep.
1. As stated or indicated by; on the authority of: according to historians.

2. In keeping with: according to instructions.

3.
 George George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait).  Donahue, president of William B. May International.

Donahue declined to name the firm but said they were working with William B. May brokers on a "short list" of potential buildings and reviewing potential budgets.

The center's planned location is between 30th and 45th streets, According to May managing director, Nelson Li, one of three potential sites is on Manhattan's East Side; two are on the West Side.

The company has received various inquiries and three specific assignments from retailers.

One potential purchaser is searching for a hotel "somewhere in the tri-state area There are a number of places in the United States known as tri-state areas where three states or holdings meet at one point (a tripoint), or in proximity to each other. The two most well-known are for the New York and Chicago metropolitan areas.  that would accommodate Chinese tourists," Donahue said.

Another company needs a 30,000 s/f showroom to display imported and exported from China. A Chinese stock brokerage firm also is prepared to lease 4,000 s/f in the center, Donahue said.

Li said there were many complexities in finding a site.

"It's not a very easy job because the market is very low and we need some time to educate the seller or the landlord about the potential of the Chinese market," Li said.

At least three Chinese provinces, Heilong Jiang Hei·long Jiang  

See Amur River.

Noun 1. Heilong Jiang - an Asian river between China and Russia; flows into the Sea of Okhotsk
Amur, Amur River, Heilong
, Chong Qing and Hunan, have offered to help support the center through import/export business, Li said.

"Because the U.S. is the most open market in the world, they want to further improve their economic and trade relations," Li said. "New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
 is the center of economics and trade for the U.S. and even for the world."

He added, "Most of the tenants are import/export."

Faith Hope Consolo, vice chairman of Garrick Aug, said Chinese business has improved in the U.S. since the student revolts in Tiannamen Square in 1989.

"Ever since then, things have been better," Consolo said.

She added, "China is so important to tourism now and probably will be going forward. It's the new front for luxury. It's become very much like Japan (because) a lot of luxury retailers are taking (space) there."

The new venture will likely pick a building in the next few months, Donahue said.
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Title Annotation:China Commerce Center; William B. May International
Author:Moore, Peter
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Mar 17, 2004
Words:406
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