CHINA-BASED DEVELOPER ACQUIRES NYC DEVELOPMENT SITE

NEW YORK CITY — The U.S. development arm of China-based Xinyuan Real Estate has acquired a parcel of land in Brooklyn's Williamsburg neighborhood for $54.2 million. The site contains 92,000 square feet on Kent Avenue and can accommodate 506,000 square feet of buildable residential development. The new owner plans to begin construction of a condominium in the first half of 2013. The seller was New York real estate investor Richard Kalikow, who also serves as president of Manchester Real Estate & Construction. The buyer was self-represented by Omer Ozden in the transaction.