Kuafu Properties and Shanghai Construction Group’s U.S. branch have closed on the purchase of floors 51 through 63 in MiMa, the 63-story luxury rental tower located at 660 West 42nd Street, in Hell’s Kitchen, for $260.8 million. According to Commercial Observer, the developers plan to convert those floors’ 151 rental units into an equal number of condominiums under the name of 1 MiMa. The remaining 663 rental units in the building, under ownership by Related Companies and TIAA-CREF, will not be touched. Residents in 1 MiMa will have access to the tower’s 44,000 square feet of amenities and will have an exclusive entrance. A $211.6 million loan was secured for the acquisition.
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