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March 14, 2016- It is not well reported that a vast number of New York buildings have been acquired by Chinese investors because the assets are a safe place to park their cash. For examples, the Carlyle and Waldorf hotels are now China assets.
Downtown, many of the new buildings have been financed by Chinese. The new Holiday Inn on Rector Street, is one example. Now, the nearby W hotel has been acquired by a China bank.
Observer reports, “The Moinian Group landed a $50.7 million mortgage from the Bank of China on the W New York – Downtown Hotel and Residences at 123 Washington Street in Lower Manhattan, according to records filed with the New York City Department of Finance.
The Bank of China financing, which closed in February and was made public on March 2, is part of the re-enhancement of the $50 million in 2007 liberty bonds that the New York City Industrial Development Agency originally issued for the development. The 400,000-square-foot mixed-use project was completed in 2010.