Chinese conglomerate HNA Group Co. Ltd. completed the sale of its 90% stake in the 850 Third Ave. tower in Manhattan, N.Y., Bloomberg News reported, citing a statement from HNA that did not provide details.
While the embattled conglomerate has been on a selling spree of its international assets following increased scrutiny at home, it was also pressured into selling 850 Third Ave. due to the 21-story property's proximity to Trump Tower, which raised national security concerns.
The news outlet reported that the sale to a U.S. buyer is expected to satisfy the U.S. government's Committee on Foreign Investment. The building houses one of two police precincts within a mile of Trump Tower.
MHP Real Estate Services and Atco Properties & Management LLC owned the remaining stake in the property.
In November 2018, Chetrit Group LLC or a member of the Chetrit family was reported to be buying HNA's stake, although the price was unclear. Bloomberg noted, citing a Bisnow report, that HNA was selling the stake for $422 million to Jacob Chetrit and his sons. HNA and its partners paid $463 million for the asset in 2016, before Donald Trump became U.S. president.
HNA was recently reported to be looking to dispose of more assets than previously planned amid efforts to generate funds and pare down its debt.