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

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

"We are in a strong position to meet the demands of the market,"says Shang Dai, principal of Kuafu Properties, the co-developer andcapital provider. "We went into contract for the land at a timewhen Hudson Yards was beginning to gain prominence as a primedestination. By capitalizing on the timing in the market, we willbe able to deliver a superior project designed for what we envisionas the new frontier in the New York real estate landscape.