China Vanke is throwing in the ownership towel at Bush Tower in Midtown Manhattan, even as it retains management responsibilities. The American affiliate of the Shenzhen-based property developer transferred ownership of 130 West 42nd Street to Singapore-based United Overseas Bank, Bisnow reported. The deal was valued at $58.1 million, according to property records. United Overseas lent $120 million to Vanke in 2018, so the transfer appears to represent a steep drop in the value of the building. United Overseas did not respond to a request for comment. “After working collaboratively with our lender, we have reached a mutually agreed outcome […]

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