Chinese-American venture to build housing in NY

Real Estate Weekly, Sept 22, 1993

Representatives of the largest construction entity in The People's Republic of China and a New York State development team officially signed contracts this month to joint venture the construction and marketing of affordable housing in this Orange County city.

The newly-formed partnership will enable the China State Construction and Engineering Company and Kings Developers, a Warwick, New York-based developer of affordable housing, to build, and sell a 160-home condominium community here, 50 miles northwest of New York city.

Middletown Mayor Gertrude F. Mokotoff, attending a private luncheon after the formal signing, noted that the venture meets the need for relatively low-cost, entry-level housing in the area.

Leading a delegation from the Chinese state agency at the official signing was Zheng Fa Liu, the company's second highest ranking official.

To be called Kings Way, the community of two- and three-bedroom apartments will be developed on 17 acres of property off High Barney Road, according to Ira Weiss, a principal in Kings Developers.

The homes will initially be priced from $75,000 to $80,000 to appeal to first-time and moderate-income buyers when preconstruction sales open in October, he says. And since no amenities are planned, monthly maintenance charges are expected start at $25.

Formerly known as Buttonwood Hills Condo II and Juniper Fields, the partially-completed site was one of several properties in the Northeast purchased by the Chinese company as part of a program to build and market housing in the United States, according to Weiss.