Overview

Bank of China provides a $18.4 million USD loan to Pi Capital Partners for the 335 Fifth Avenue property in New York

Commitments (Constant USD, 2023)$16,967,406

Commitment Year•2021Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 16, 2021

Geospatial footprint

Map overview

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339 Fifth Ave. property is located on the corner of East 33rd and Fifth Streets. The property previously was the Demarest Building, an iron-framed, 19th-century structure across the street from the Empire State Building. The 339 Fifth Ave. building was demolished in 2022. More detailed location information can be found at: https://www.openstreetmap.org/way/265260886

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

Bank of China (BOC)

Receiving agencies

Private Sector

J.P.K. Associates, L.L.C.

Loan desecription

Bank of China provides a $18.4 million USD loan to Pi Capital Partners for the 335 Fifth Avenue property in New York

Interest type•Unknown

Narrative

Full Description

Project narrative

On December 16, 2021, Bank of China (BOC) provided an $18.4 million USD loan to Pi Capital Partners for the 335 Fifth Avenue property in Midtown, Manhattan. 339 Fifth Ave. property is located on the corner of East 33rd and Fifth Streets. The property previously was the Demarest Building, an iron-framed, 19th-century structure across the street from the Empire State Building. The 339 Fifth Ave. building was demolished in 2022 by Pi Capital partners despite historical preservationist activists' protests, with plans to construct a new 21-story mixed-use building.