Weicherts real estate company is in the process of selling a 40% stake in its flagship property in New York City, which will allow it to move its headquarters to Mumbai.
The company is hoping that the move will help it compete with the likes of Airbnb, where it has invested $100m, and is also hoping to bring its portfolio of apartments to India, where the market is still a bit more saturated.
The property, called The Crescendo, is in Midtown Manhattan, in the area of 42nd and Fifth avenues.
Weichertz, which is owned by real estate investors John Weichel and Jonathan Weichell, is also one of the largest landlords in the US and has investments in companies such as Marriott International, the world’s largest hotel chain.
We are very excited about this opportunity to build on our strong global footprint, said John Weicshell, CEO of Weichers real estate group.
“Our strategy is to build and grow businesses across the world, but we want to be an anchor tenant in the emerging markets of India.
The Crelnkon Real Estate in Mumbai is an exciting opportunity to be able to provide a real estate experience for customers in the region.”
The Crelnar is the largest development in Mumbai, the city’s commercial centre and cultural hub.
It is being redeveloped by Mumbai-based developers Vornado Realty Trust (VRT), who are known for their work in India.
VRT acquired Weiccherts property in 2015.
It is the second time Weiches real estate has been acquired by VRT.
Weichess property was sold by VRS for a fraction of the price in 2010.
Weisherts is one of only two firms in India that own 40% of a single building in the city.
The real estate firm is currently in negotiations with the developers about the sale of the property.
The price will be announced later.
The Crescussiono has a history of success, which includes building several high-end residential buildings in India and the United States.
Its most recent building was built in 2008, with a $5.5m grant from the US Federal Housing Finance Agency.
The group also has properties in China, where some of its investments are concentrated.
It also has a lease for another 40% share in the Chinese luxury mall, which was acquired by the Chinese government in 2014.