A subsidiary of the state-run Chinese construction giant China State Construction Engineering Corporation has agreed to buy a majority stake in a Hudson Square development site through a deal valued at $140 million. In partnership with Cape Advisors, the duo will develop up to 229,000 buildable square feet on the site located at 537 Greenwich Street and 110 Charlton Street. Cape Advisors paid a combined $78 million in 2014 for two warehouses and subsequently secured the surrounding air rights in April 2016 and March 2017 for a total of $10 million. The China State Construction Engineering Corporation is one of the largest construction firms in the world. Its subsidiary China Construction America, based in Jersey City, New Jersey, has developed a 560-unit Yonkers complex called Hudson Park and is constructing a 429-unit condominium complex in Jersey City’s Newport neighborhood called Park and Shore.
