NEW YORK CITY—Related Cos. and TIAA-CREF have closed on the $260.8-million sale of One MiMA Tower on Manhattan's Far West Side. Buyers SCG America and Kuafu Properties, its locally based partner, went into contract on the 13-floor luxury residential component of the larger MiMA development this past July.

When the sale was announced, Kuafu CEO Shang Dai called the project "an exciting acquisition, because of everything One MiMA Tower offers residents. With spectacular views, inspired design and world-class amenities, One MiMA Tower units will fill a void in New York City's residential market by offering ultra-luxury residences at a more attractive pricing to other new development offerings."

The project's luxury residential component was originally devised as 151 units of for-sale housing when Related began construction, but switched to rentals amid strong demand. TIAA-CREF came aboard as a financial partner after the project's opening in 2012.

Kuafu and SCG plan to convert One MiMA to condos. Not included in the sale are the lower 50 floors of the development at 460 W. 42nd St., which include MiMA Rentals, a Yotel and the Frank Gehry-designed Signature Theater.

CBRE Investment Properties group's vice chairman Darcy Stacom and EVP Paul Leibowitz represented Related and TIAA-CREF in the sale. "Having gained sufficient momentum in recent years, SCG America, the US arm of Shanghai Construction Group, aligned with Kuafu have recognized that Manhattan's westward focus, which Related has been instrumental in creating, can readily support a successful conversion from rental to condo apartments," says Leibowitz. A Related spokeswoman told Bloomberg Business this past July that "we saw a unique opportunity to capitalize on the value we had created."