Record $32M condo buy is made by Hong Kong group.The Glorious Sun Group, a Hong Kong-based real estate investment corporation, has completed a $32 million purchase of 281 residential units in Worldwide Plaza
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 ), Inc., the Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. corporation's New York subsidiary. The 281 condominiums represent the entire remaining residential units at Worldwide Plaza. The studio, one bedroom and two-bedroom units comprise 43 percent of the overall residential units in Worldwide Plaza, located between 49th and 50th streets, and Eighth and Ninth avenues. On May 13, Glorious Sun (New York), Inc. purchased all shares in 49/50 Plaza Partners, LP, which comprised all remaining unsold Worldwide Plaza condominiums. Nearly all the apartments are currently occupied, and Glorious Sun (New York), Inc. will continue renting them. Previously, the Glorious Sun Group has purchased residential property in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. in partnership with other real estate investment groups. The two properties are: Horizon Condominiums at 37th Street and First Avenue, and Park Avenue Court, at 87th and Lexington Avenue. The group also recently considered purchasing 750 Seventh Avenue in Manhattan. The Worldwide Plaza purchase is the first sole investment by the Glorious Sun Group. The Glorious Sun Group has a total of more than 2.8 million square-feet of commercial and residential real estate holdings worldwide - in Hong Kong; Singapore; the Peoples Republic of China; Vancouver; British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography ; Seattle, Washington  This page is protected from moves until disputes have been resolved on the .The reason for its protection is listed on the protection policy page. , and Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. . Glorious Sun (New York), Inc. will look for other viable residential and commercial real estate investments in New York City as the Glorious Sun Group continues its long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. international investment strategy. The Glorious Sun Group was founded by the Yeung family in Hong Kong in 1971. Charles Yeung is chairman of Glorious Sun Group, while brother Tony Yeung is president of Glorious Sun (New York), Inc. Carrie Chiang and Elizabeth Sample of The Corcoran Group represented the seller, Worldwide Holdings, a Manhattan-based development group, in the transaction. Susan Cara of The Corcoran Group represented the buyer, a prominent Hong Kong family. The apartments ranged from studios to three bedroom units and all of the residences are tenant occupied. "The buyer expects to make a 6 to 8 percent return on his investment," asserted Ms. Cara, who turned the purchase price of $168.50 a square foot "an excellent buy in today's market." Worldwide Plaza, which contains a total of 654 apartments, is located on 52nd Street, between English and Ninth Avenues. 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. Carrie Chiang, senior vice president of the international division of The Corcoran Group, the Worldwide Plaza sale is yet another example of the strong influence being exerted by Asian investors on New York City's luxury residential marketplace. "There's no question that Chinese buyers from Hong Kong, Taiwan and Red China are today fueling sales and setting the price structure for the upper end of Manhattan's condo market," asserted Chiang. According to Barbara Corcoran, president of the Corcoran Group, among the characteristics that sets these "new but very savvy" real estate players apart from other buyers in the marketplace, are the following: * The Chinese are now purchasing, at bargain prices, the same luxury apartments that the Japanese bought at the peak of the market. * They're buying strictly for the future, with most hoping to end up with a 6 to 8 percent cash on cash return. * They are fearless investors; totally confident in the long-term strength of the Manhattan condo market. * Their unflappable trust in New York real estate is based largely on the fact that they've made a lot of money investing in real estate at home. And, according to Corcoran, the Chinese buy only condominiums, not coops; favor East Side over the West Side, Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town over Downtown; and prefer high profile thoroughfares and "name" developers, like Fifth Avenue and Donald Trump  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. .
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