Chinese publisher pays $68M for Midtown dev site

WanXin, a Chinese publishing company, has just acquired an office building and vacant lot at 7-15 West 44th Street in Midtown Manhattan for $68 million. The company plans to develop a boutique luxury hotel and Chinese cultural center on the site with 96 rooms and restaurant space in the 19-story building, which is much higher and larger than the current building. 7 West 44th St. Realty LLC, the seller, purchased this property for $29 million in December 2013. Real estate in New York City has long been favored by Chinese investors. Another example is the recent $50 million penthouse apartment deal on Central Park West, but the stricter capital control by Chinese government makes it more difficult for them to move funds out of the country. It's not clear when WanXin is going to start the contruction on the site. Read more here.