Real Estate Fund Relocating From Flushing to One Grand Central Place
By Sarika Gangar January 14, 2020 4:16 pm
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New Land Capital, a real estate private equity fund targeting Chinese investors, is moving its offices from Flushing, Queens, to Empire State Realty Trust’s One Grand Central Place, Commercial Observer has learned.
The fund signed a seven-year lease for 4,500 square feet on the 21st floor of the building, which is also known as 60 East 42nd Street, according to information from Cresa, which represented the tenant in the deal. The asking rent was $63 per square foot.
“An increased demand for foreign investment opportunities among Chinese investors has resulted in New Land Capital’s need for larger and more centrally located offices,” said Cresa’s Elisa Tsai, in prepared remarks. “Relocating the firm from its Flushing headquarters to one of the city’s critical centers of commerce is an excellent choice.”
New Land, which is currently headquartered at 134-38 33rd Avenue in Flushing and also operates a satellite office in Beijing, is led by investors Jiashu Xu and Hangyuan Zhang. The firm operates three real estate funds targeting the opportunistic, stable and distressed sectors, and also specializes in stock claims and mezzanine financing.
Tenants at the 55-story property, located between Park and Madison Avenues in Midtown South, include Gerson Lehrman Group, Stark Business Solutions and Boston Partners, according to CoStar Group data.
Cresa’s team also included Thomas Sullivan and David Danick.
“One Grand Central Plaza is a state-of-the-art property with the advantages of smart building technology and unparalleled access to transportation,” Sullivan said in prepared remarks.
The landlord was represented in-house by Julie M. Christiano and Leslie Nadel, along with Newmark Knight Frank’s Jamie Jacobs, William G. Cohen, and Brittany Silver. A NKF spokesperson declined to comment.
