(Read more on the multifamily market.)
TOKYO-A deal with an international flavor is slated to befinalized this week, as the French government is leasing land atits embassy here to make way for a luxury condominium development.The project is valued at more than $175 million by the developers,a partnership of Mitsui & Co. and Nomura Real Estate.
Situated on a five-acre compound in central Tokyo, the FrenchEmbassy is spinning off an acre in the northwestern corner for the60 condominiums, units which are being priced individually at ratesbetween $2.5 million and $4.5 million. To be constructed on one ofthe last undeveloped pieces of the dense island metropolis, theembassy condos are expected to garner substantial demand amongprospective buyers, according to project proponents.
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