The two-acre site at 421 Kent Avenue in Williamsburg, Brooklyn, is nothing more than concrete rubble and rusted steel rods – remnants of a property project gone bust.
But if Xinyuan Real Estate has its way, a gleaming upmarket condominium building with 216 units will soon take its place.
This would make developer Xinyuan one of the first US-listed Chinese companies to build a significant residential development in the US, according to Dan Fasulo, managing director at Real Capital Analytics, the property analysts.
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