$2.2 billion dollars! Chinese HNA to purchase another NYC landmark

HNA Group Co., a Chinese airline conglomerate is leading a deal to acquire Manhattan's 245 Park Avenue in New York City, U.S.A., for an impressive $2.21 billion dollars.

The logo of HNA Group Co., a Chinese airline conglomerate. [Photo: carnoc.com]

The deal will be one of the biggest investments in the global real estate industry as well as one of the highest prices ever paid for a New York skyscraper if completed.

The skyscraper, formerly the American Tobacco Company Building, American Brands Building and Bear Stearns Building, is located in the heart of Manhattan's financial center, with the Grand Central Terminal and JPMorgan's principal executive office situated nearby.

The 198-meter-high office building with a floor space of 158,000 square meters, whose current tenants include JPMorgan Chase & Co, is being sold by Brookfield Property Partners LP and the New York State Teachers' Retirement System.

The deal, if completed, will become one of the largest investments by the HNA Group Co. in the real estate field, and the seventh building owned by a Chinese company in the core district of Manhattan, according to data compiled by The Paper.

HNA Group Co. clinched its first American real estate deal last year when it acquired Manhattan's 850 Third Avenue for $463 million dollars.