Related Severs Ties with Manhattan Luxury Asset

An ultra-luxury residential asset has recently changed hands in the Big Apple.

By Ioana Neamt, Associate Editor

MiMA Tower – 460 W 42nd St

An ultra-luxury residential asset recently changed hands in the Big Apple. Related Cos. sold the 151-unit One MiMA Tower in Manhattan to Kuafu Properties. The terms of the deal for the high-end property have not been disclosed.

One MiMA Tower is comprised of the top 13 floors of a luxury-rental building at 460 W. 42nd St. developed by NYC’s Related Cos. According to a news release, Kuafu intends to convert the 151 rental units into condominiums. Post-closing, Related will continue to work as property manager and development advisor to the new owner.

“This is an exciting acquisition, because of everything One MiMA Tower offers residents,” said Shang Dai, Kuafu Properties CEO. “With spectacular views, inspired design and world-class amenities, One MiMA Tower units will fill a void in New York City’s residential market by offering ultra-luxury residences at a more attractive pricing to other new development offerings.”

Related’s mixed-use MiMA development opened in 2012 and offers one of the largest residential amenity packages on the island. The LEED Gold-certified tower incorporates a fitness club, basketball court, swimming pool, a Frank Gehry-designed theater, a 669-key Yotel, business center, bicycle storage, and much more. The building offers guests and residents panoramic views of the Hudson River and the Manhattan skyline.

With this latest purchase, Kuafu now has more than one million square feet of residential, retail and hospitality assets under development in New York City. The company is currently working on a hotel and condominium tower called Hudson Rise on Eleventh Ave. and a mixed-use development on the Upper East Side, according to Crain’s New York Business.

Image courtesy of Related Cos.