NEW YORK CITY—A joint venture of Siras Development—a luxury real estate developer based here—and Kuafu Properties, the locally-based Chinese real estate investment and development company, have acquired a development site in the Hudson Yards area, comprised of five adjacent parcels located at the southeast corner of 38th street and 11th avenue. The purchase was made for approximately $62 million.

The planned 380,000-square-foot mixed-use project, set to rise on directly across from the Jacob Javits Center, will consist of approximately 50 luxury condominium units in the top 15 floors of the tower; a 400-room high-end hotel situated on 20 floors; the Shanghai Club, an exclusive membership club for an anticipated international demographic occupying three floors; office space designed to attract the growing millennial generation workforce, and ground-floor retail and lifestyle space.

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