Hiwin Group USA, a Flushing developer, Queens, has acquired vacant land in Midtown for $ 38. 5 million, with plans to build a residential tower on the site.

Hiwin bought the 9,241 square feet box at 8 West 45th Street by Belvedere Property Management The All-Terrrain Transaction, according to the advisors of the corridor progression site (DSA).

Hiwin’s CEO, Anthony Hu, signed for the buyer, while Zohar Ben-Dov, owner of Belvedere, signed for the seller, said the DSA.

“This is a case to know, given the number of parts in question and the competitive nature of the site,” said Dsa Kimyagarov Lev Kimyagarov, who negotiated the agreement for the client and the seller.

“Our zoning depth, market trends and transaction structuring allowed us to effectively align the seller’s objectives with a developer capable of maximizing the price of the site,” Kimyagarov added.

Hiwin and Belvedere spokesman did not respond to comments requests.

Belvedere bought the vacancy between 5th Street and Des Amériques Street in 2020 for an unleashed amount, according to asset files.

As a component of its new property, Hiwin intends to expand a construction for combined use in which it will come with 9,241 square feet of retail area on land and 101,651 square feet of residential co -ownership sets at the previous market rate, Kimyagarov said.

The development plans will be presented to the New York Construction Department this week, said Kimyagarov.

And the first residential progression of this Hiwin in Manhattan.

In May, Hiwin bought 240 West 54th Street, before, the place of Mexican feeding Iguana New York, for $ 21 million with plans to update the feeding place now and the Latin dance club with a residential building, as reported through the observer.

The developer also acquired some other progression from Manhattan in April at 112 Liberty Street for around $ 21. 7 million, as CO said.

Isabelle Deso can be contacted at idrso@commercialobserver. com.

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