Xinyuan Real Estate acquires NYC development site for $54.2M

Xinyuan Real Estate announced that its U.S. development arm, XIN Development Group International, has acquired a parcel of land, located at Kent Avenue and South 8th Street, in the Williamsburg neighborhood of Brooklyn, New York. XIN purchased the Williamsburg development site for $54.2M. The property offers a total site area of approximately 92,000 square feet, and already has approximately $8M of permitting, zoning and foundation construction completed.