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Property

Luxury Manhattan condo tower planned by Japan's Daiwa House

$370m project to open near Columbia University in 2023

Daiwa House's new condo, left, overlooks New York's Hudson River in this artist's rendition. (Image courtesy of Daiwa House)

OSAKA -- Japanese property developer Daiwa House Industry plans to build a roughly $370 million residential tower in a quiet stretch of New York City near Columbia University.

Slated for completion in March 2023, the 41-story building in Manhattan's Upper West Side is a joint effort with Australian partner Lendlease. Condominium units will go on sale in August 2021, with an estimated average price of $2 million each.

Despite the pandemic, demand for high-end real estate remains resilient. Daiwa House seeks to expand its international footprint to offset a shrinking market at home.

The condo will offer 165 units, each with floor space between 65 and 315 sq. meters. The lower floors will contain educational facilities and housing for teaching staff.

Another condo is in the works elsewhere in Manhattan.

Daiwa House's U.S. portfolio includes single-family homes, rental apartments and commercial developments. Sales from the key market are projected to grow 5% to 123.4 billion yen for the current fiscal year ending March 2021.

The company aims to earn 400 billion yen ($3.73 billion) in sales through overseas operations by the year ending March 2022. "We want to lift [U.S. operations] to nearly half of overseas sales," said Nobuya Ichiki, the managing executive officer in charge of overseas business.

Japanese developers have staged a return to New York in recent years. Mitsui Fudosan completed a 51-story office tower overlooking the Hudson River in 2018. Mitsubishi Estate is developing a condo tower in Manhattan as well, through its U.S. subsidiary Rockefeller Group International.

The city saw Japanese investors compete for flashy deals during the 1980s, a trend that peaked with Mitsubishi Estate's purchase of Rockefeller Center.

When Japan's asset-price bubble collapsed in the early 1990s, Japanese money was forced to retreat from New York and downsize operations.

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