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News Oct 21, 2015

Shearman & Sterling Advises Strategic Capital on Multi-Family Development Acquisition

Shearman & Sterling advised Strategic Capital on the purchase of Hudson Park, a multi-family community overlooking the Hudson River in downtown Yonkers, NY and situated near to the Yonkers Metro North commuter rail station.

The property consists of three components: Hudson Park South, Hudson Park North and the to-be-built apartment tower referred to as the Hudson Park River Club. Completed in spring 2003, Hudson Park South consists of 266 one- and two-bedroom luxury apartments and approximately 15,500 square feet of well-leased office and retail space. Hudson Park North, the second phase of the development, was completed in spring 2008 and has 294 one- and two-bedroom luxury apartments, as well as a free-standing parking garage. Hudson Park River Club will sit on a 0.23-acre land site which has approvals to construct a 23-story, 213-unit apartment building.

Strategic Capital is the US-based investment platform of the world’s largest construction and real estate conglomerate, China State Construction Engineering Corporation (CSCEC). Strategic Capital was created to invest in real estate opportunities by leveraging CSCEC’s capital strength and experiences of CSCEC’s affiliates in the US real estate market.

The Shearman & Sterling team included partner Lisa Brill (New York-Real Estate) and associates Jocelyn Redman (Washington, DC-Real Estate) and Christopher Glenn (New York-Corporate).