[단독] Eui-sun Eui-sun bought an apartment of 6 billion won in Manhattan…Is it developed like Samsung-dong GBC New York?

Hyundai Motor Group Chairman Eui-sun Eui-seon (pictured) purchased a luxury condo in Manhattan, New York, USA. It is interpreted that it is trying to directly benchmark the New York-style development model related to the construction of the Global Business Center (GBC) in Samsung-dong, Seoul.

According to the New York real estate industry on the 12th (local time), Chairman Chung purchased a condo in 15 Hudson Yards in October 2019, located at the western end of the Hudson River running through Manhattan. Chairman Chung bought the building’s two-bedroom condo for $4,94,190 (about 6 billion won at the time). Chairman Chung consulted law firms in Seoul and New York and purchased it in his own name. The 88-story tall 15 Hudson Yard is Manhattan’s finest residential building, commenced in December 2014 and completed in March 2019. It consists of 285 condos and other commercial facilities.

An official in the New York real estate industry said, “Hyundai Motor Group has shown great interest in the Hudson Yard development plan from the time of designing the Global Business Center.” Said.

It is known that the Hyundai Motor Group is referring to the Hudson Yard project in various fields, including not only the overall design of the GBC construction, but also the project financing structure and the rental plan after completion.

The Hudson Yard Development Project is an extra-large project that redevelops the 11,3300m2 of the West Hudson River basin railroad base that has been neglected for the past 60 years.

The New York Metropolitan Transportation Corporation (MTA), the owner of the land, and Related, a large-scale real estate developer in the United States, are developing it in stages with a total project cost of $25 billion. It aims to complete the development of the complex by 2024.

It is known that the Hyundai Motor Group is considering changing the design by initially attempting to set the GBC to one building with 105 stories, but to build multiple buildings with a lower number of stories. In this case, the overall building layout becomes similar to that of Hudson Yard.

In the Hudson Yard project, a large number of global real estate investment and financial companies such as Canada Pension Fund, the Industrial Bank of China, Deutsche Bank, Kuwait Investment Authority, and Mitsui Real Estate participated. The Hyundai Motor Group is also considering ways to create synergies by attracting overseas pension funds and institutional investors.

The ’15 Hudson Yard’ building is located right next to’Vessel,’ a new landmark building in New York. The location was excellent as the northern end of the building, which became a world-famous landmark by converting an elevated road with railroad rails into a park, is right behind this building.

At the time of purchase, it was before the Corona 19 crisis broke out. It is not known exactly why Chairman Chung bought the condo under his personal name. A representative of Hyundai Motor Company said, “There is no information that can be confirmed because it is personal.” Condos owned by Chairman Chung are not listed in the rental market. In the same building, the rent for a condo of similar size is in the range of 11,000 to 12,000 dollars per month.

When the building, which was completed in 2019, was sold, the New York real estate market was booming. The 88-floor penthouse in this building was priced at $30 million.

Pfizer is planning to move in next year in the new’The Spiral’ building near the building. In addition to Pfizer, global multinational corporations and financial companies are planning to establish bases there.

However, the analysis of real estate specialists in New York that the value of real estate fell by 10-20% as the Corona 19 outbreak broke out. Immediately after the Corona 19 incident, there were few transactions, but some quick sales have been digested since last summer. In the early days of the Corona 19 crisis, the contract was signed at the ask price level of the seller, but recently it is trading at a 10-20% discount from the ask price.

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