Bloomberg Law
May 6, 2022, 7:23 PM

China’s Oceanwide Loses $410 Million Manhattan Site to Lenders

John Gittelsohn
John Gittelsohn
Bloomberg News

Lenders have seized control of the property where China Oceanwide Holdings Ltd. planned to develop one of lower Manhattan’s tallest towers after the company failed to make mortgage payments.

Oceanwide defaulted on a $165 million loan on the project, at 80 South St., in January, leading to the transfer to a receiver as the property’s custodian, according to a filing by the developer’s Hong Kong affiliate. Oceanwide had invested $410 million in the project.

“The borrower has failed to pay all amounts demanded under the notice of default,” Oceanwide reported in the filing. “The company is continuously assessing the legal, ...

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