H&M Group breaks ground on luxury Manhattan condominium project ... K-developer expands its footprint

[Financial News] Hanmo Kim, chairman of H&M Group, is accelerating his push to expand the reach of the “K-developer.” The company’s luxury condominium development in New York has officially broken ground and is nearing its sales launch. This is the first time it has directly handled sales overseas.
H&M Group said on the 12th that it broke ground last October on the New York Manhattan Tribeca development project. This month, it will take further steps toward launching sales, including submitting an Offering Plan to New York State. An Offering Plan is a process that must be completed, including submission to and approval by a government oversight agency, in order to sell properties intended for sale to the public in the United States.
The New York Manhattan Tribeca development project will build a luxury condominium in the Tribeca area, with two basement levels and 10 floors above ground in a single building, comprising 23 units in total. The two top-floor units will be penthouses. H&M Group is co-developing the project with local developer Prosper Property Group, and the total project cost is approximately 180 billion won.
According to the company, the project is an extension of the overseas expansion strategy for the “K-developer” that H&M Group Chairman Hanmo Kim has envisioned. It is the first time in recent years that a Korean developer has undertaken development and sales in the heart of the United States.
A company representative said, “This is H&M Group’s first project involving direct sales overseas,” adding, “It differs from our existing overseas projects in that we take part in decision-making from the early stages of development and carry the project through to sales.”
H&M Group Chairman Hanmo Kim said, “It is highly significant that we are directly pursuing a development project in Manhattan, a highly symbolic part of New York,” adding, “We will continue to identify competitive projects overseas and expand the reach of K-developers.” Meanwhile, H&M Group is participating in global development projects in collaboration with U.S.-based Kushner Companies, including The Hamilton, a luxury mixed-use residential and commercial development in Miami’s Edgewater area, and One Journal Square in Jersey City, New Jersey.
[email protected] Lee Jong-bae Reporter