Kuafu Properties is buying 1 MiMA Tower — the top 13 floors of Related Companies’ MiMa at 460 West 42nd Street — for $260 million.
The New York-based Chinese development firm is planning to convert the 151 rental apartments there into condo units, the New York Observer reported.
The new condo units at the 63-story property, which is located between Ninth and 10th avenues, will be luxurious but “still affordable,” Kuafu’s chief executive officer Shang Dai told the newspaper.
Units on the first 50 floors will continue to be rentals, according to the Observer. Studios in the building start at $4,155 per month.
Kuafu now owns more than 1 million square feet of retail, residential and hotel space in the city, according to the newspaper. [NYO] — Claire Moses