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Project: 1 MiMA Tower (Conversion)

Related Cos. agreed to sell the top 13 floors of a Manhattan luxury-rental building to Kuafu Properties, a New York-based investment firm that pairs Chinese capital with U.S. real estate.

Kuafu intends to convert the 151 units at 1 MiMA Tower into condominiums, the company said in a statement Monday. The terms of the deal for the property, at 460 W. 42nd St., weren't disclosed.

"This is an exciting acquisition because of everything 1 MiMA Tower offers residents," Shang Dai, chief executive officer of Kuafu, said in the statement. "1 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."

Related intended for One MiMA Tower tower to be condominiums when construction began in 2008, during a recession that hobbled real estate sales worldwide. As the project neared completion, the New York-based developer decided instead to lease the units at the tower amid strong demand for rentals in Manhattan.

One MiMA Tower spans the top 13 floors of a mixed-use project that also includes a separate 663-unit rental building at the base, called MiMA, that Related will continue to own and manage. While each has a separate entrance, they share amenity spaces.

Residences at One MiMA Tower offer views of Manhattan at more than 500 feet up, according to Kuafu's statement. Other amenities include a basketball court, outdoor theater and Dog City, a pet spa where owners can arrange for grooming, training and play dates, according to the property website.

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http://www.crainsnewyork.com/article...nvestment-firm