U.S.-based Chinese developer pursuing $500,000 each from 99 investors
Kuafu Properties executives are recruiting foreign investors for the firm’s 147 East 86th Street development, offering equity stakes and citizenship through the federal EB-5 visa program.
New York-based Kuafu, along with partners Ceruzzi Properties and Stillman Development International, hope to bring in $49.5 million in total from 99 investors who will cough up $500,000 a piece toward the $340 million, 177,000-square-foot project.
The project will be split two-thirds traditional debt financing and one-third equity financing.
Ceruzzi will be primarily responsible for the retail component, 30,000 square feet on the building’s ground, first and second floors. NY Sports Clubs will occupy 24,000 square feet on the third and fourth floors through a leaseback. The residential portion will hold 50 luxury condominiums on floors five through 20.
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