This is what I believe everyone is assuming is our
Post# of 75002
Posted On: 09/12/2016 11:42:09 AM
This is what I believe everyone is assuming is our Lily Li:
Excerpt from online article:
The designer for planned redevelopment of the former AM&A’s department store building said the mysterious new owners of the complex are backed by the fifth-largest real estate development group in China, which would lend significant financial weight to their ambitious plans to convert the mammoth building into a destination for Asian tourists.
Local engineer John A. Schenne, of East Aurora, said the out-of-town buyers, led by Lily Li of Flushing, Queens, are part of a much larger investor group from China that owns significant chunks of real estate both in that country and also in New York City. Schenne said he did not know the name of the private Chinese company or any other details about it, except that “they own a bunch of buildings in China.”
The group will be spending its own money on the project, now estimated to cost $60 million to $70 million, and will not use any bank financing, he said, during a presentation Wednesday to directors of the downtown property owners group Buffalo Place. He said they are also seeking state and federal historic tax credits. “They’ve got all the funding in place,” he said. “They’ve got an ambitious plan to get this done in 18 months.”
Excerpt from online article:
The designer for planned redevelopment of the former AM&A’s department store building said the mysterious new owners of the complex are backed by the fifth-largest real estate development group in China, which would lend significant financial weight to their ambitious plans to convert the mammoth building into a destination for Asian tourists.
Local engineer John A. Schenne, of East Aurora, said the out-of-town buyers, led by Lily Li of Flushing, Queens, are part of a much larger investor group from China that owns significant chunks of real estate both in that country and also in New York City. Schenne said he did not know the name of the private Chinese company or any other details about it, except that “they own a bunch of buildings in China.”
The group will be spending its own money on the project, now estimated to cost $60 million to $70 million, and will not use any bank financing, he said, during a presentation Wednesday to directors of the downtown property owners group Buffalo Place. He said they are also seeking state and federal historic tax credits. “They’ve got all the funding in place,” he said. “They’ve got an ambitious plan to get this done in 18 months.”
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