HNA buys Park Avenue building for $2.21bn

A Chinese conglomerate is in contract to buy a Park Avenue office building for $2.21 billion, among the highest prices ever paid for a New York tower, according to a person familiar with the deal, The Wall Street Journal reports. HNA Group has entered into a deal to buy 245 Park Avenue, the 1.8 million square foot skyscraper, from sellers Brookfield Property Partners LP and the New York State Teachers’ Retirement System, according to the person. The agreement reflects the increasing allure of New York City real estate for major Chinese investors looking for property in so-called gateway cities in the US, real-estate executives and analysts said. Experts say that there continues to be significant interest from Chinese investors in “trophy quality” assets in New York City.