Witkoff closes on $229M Chinese investment for 111 Murray

Taiping Asset Management, an offshore subsidiary of one of China's biggest insurance company - Chinese Insurance International Holdings, has invested $229 million in the Tribeca tower luxury condo project 111 Murray Street. The local partners for the project are Witkoff, Fisher Brothers and Howard Lorber. This means the development project has now secured $674 million in funding and it is estimated to cost $820 million. Howard Michaels' Carlton Group and Eastdil Secured advised Witkoff on the deal. Prior investors for this project include Blackstone Real Estate Debt Strategies, M&T Bank and Deutsche Bank. The luxury condo tower with 157 condos is planned to be completed in 2018. Chinese insurers have been active in New York real estate market. Anbang Group, another insurer of China, closed a $1.95 billion deal on the investment in Waldorf Astoria hotel. Read more here.