Chinese continue to buy into the hottest US real estate markets!
The real estate market in Brooklyn has been hot in the recent years. But most newly developed properties are small-scale mixed-use buildings. That may change with the parking lot at 6208 8th Avenue that was recently purchased by Chinese developers for $50 million.
The developers plan to erect a group of buildings that can host a shopping mall, offices, a hotel and residential units. The project, named Eighth Avenue Center for now, and offering a total of 1.1 million square feet in space, is expected to break ground next spring. Raymond Chan, a co-developer whose architecture firm will design the project, said that because of zoning restrictions, this piece of land is the only lot in the Eighth Avenue neighborhood in Brooklyn that can be used for large-scale development. The project will not only alter the skyline of the neighborhood but also bring great changes in the dynamic of the Chinese community in Brooklyn.