{"id":1004091962,"date":"2014-02-27T07:02:29","date_gmt":"2014-02-27T15:02:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004091962"},"modified":"2022-12-08T19:48:34","modified_gmt":"2022-12-09T03:48:34","slug":"rfr-vanke-break-ground-on-luxury-condo-tower-in-manhattan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rfr-vanke-break-ground-on-luxury-condo-tower-in-manhattan\/","title":{"rendered":"RFR, Vanke Break Ground on Luxury Condo Tower in Manhattan"},"content":{"rendered":"<p><i>By Scott Baltic, Contributing Editor <\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/RFR.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004091965\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/rfr-vanke-break-ground-on-luxury-condo-tower-in-manhattan\/rfr\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/RFR.jpg\" data-orig-size=\"1643,3969\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 HayesDavidson&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"RFR\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/RFR.jpg?w=424\" class=\"alignleft size-medium wp-image-1004091965\" alt=\"RFR\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/RFR.jpg\" width=\"124\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/RFR.jpg 1643w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/RFR.jpg?resize=124,300 124w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/RFR.jpg?resize=768,1855 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/RFR.jpg?resize=424,1024 424w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/RFR.jpg?resize=636,1536 636w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/RFR.jpg?resize=848,2048 848w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/RFR.jpg?resize=150,362 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/RFR.jpg?resize=300,725 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/RFR.jpg?resize=696,1681 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/RFR.jpg?resize=1068,2580 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/02\/RFR.jpg?resize=174,420 174w\" sizes=\"auto, (max-width: 124px) 100vw, 124px\" \/><\/a>RFR Holding L.L.C., of New York, and Vanke, China\u2019s largest residential developer, broke ground Tuesday on 610 Lexington Ave., a luxury residential condominium on East 53rd Street in Midtown Manhattan, the developers announced Wednesday.<\/p>\n<p>The slim, white 61-story tower has been designed by Foster + Partners as a counterpoint to the adjacent Seagram Building, the iconic 1958 International Style tower at 375 Park Ave. designed by Mies van der Rohe \u2014 and owned by RFR.<\/p>\n<p>RFR and Hines will work together on the condo tower\u2019s construction, through a joint development management agreement.<\/p>\n<p>The project is only Vanke\u2019s second in the United States and its first in New York City, Yu Liang, president of Vanke, noted in a release. (The Chinese developer closed its first U.S. project in San Francisco with Tishman Speyer in 2013.)<\/p>\n<p>\u201cIt\u2019s not simply about our new building, but about the composition it creates together with one of the 20th century\u2019s greatest. In contrast to Seagram\u2019s dark bronze, our tower will have a pure white, undulating skin. Its proportions are almost impossibly slim and the views will be just incredible,\u201d according to Foster + Partners.<\/p>\n<p>\u201cIt\u2019s rare to have the opportunity to create a tower of such elegant proportions, and rarer still to do so in such an architecturally rich section of Midtown Manhattan,\u201d Aby Rosen, co-founder &amp; principal of RFR, said in a statement. \u201cThe location of our site is extraordinary, and the demand for highest-end condominiums in Midtown has never been stronger.\u201d<\/p>\n<p>The current residential condo market in Manhattan is indeed a hot one, confirms the fourth-quarter 2013 survey of Manhattan co-op and condo sales by Douglas Elliman Real Estate.<\/p>\n<p>The median sales price rose 14.3 percent on a year-over-year basis to a record $1.32 million. Compared to the prior year quarter, the number of sales surged 23.2 percent to 1,281, as inventory fell 9.5 percent to 1,930, the lowest level in more than 11 years.<\/p>\n<p>The luxury end of the condo market was dominated by resales rather than new development, with the former accounting for about 90 percent of closings during the quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RFR Holding and Vanke, China\u2019s largest residential developer, broke ground Tuesday on 610 Lexington Ave., a luxury residential condominium on East 53rd Street in Midtown Manhattan.<\/p>\n","protected":false},"author":882,"featured_media":1004091965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,11,1600,21742,10],"tags":[],"class_list":["post-1004091962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-midatlantic","category-new-york","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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