Hopson Development Holdings Ltd.'s subsidiary, Lex 47th Property Owner LLC, agreed to buy a property in Manhattan, N.Y., from K-Land Lex 47th LLC for US$113.5 million.

The consideration price is subject to customary real estate adjustments and a possible reduction of up to US$1.5 million, according to a Dec. 3 stock exchange filing.

Hopson Development is planning to develop the land at 131-141 East 47th St. into a new building, comprising two floors underground and 34 floors above ground, with 200 residential units. The proposed development has a gross floor area of roughly 183,310 square feet.

The investment cost of the project is about US$225.0 million.