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HNA sells majority stake in Manhattan building in $422 million deal

Staff Writer | January 9, 2019
HNA Group said it had sold a majority stake in a Manhattan building in a $422 million deal.
850 Third Avenue
Acquisition   850 Third Avenue
HNA did not give details of the buyer, but a spokesman for the group confirmed the verity of a report by U.S. real estate news website Bisnow that earlier reported the sale of 850 Third Avenue and the deal value.

The website said the building had been acquired by Jacob Chetrit and his sons, Michael and Simon, citing statements from Michael Chetrit and MHP Real Estate Services.

MHP and another real estate investment firm ATCO Properties & Management sold their minority stakes in the building as part of the deal, the report said.

The report also pegged the deal value at $422 million, citing one unnamed source.