The Durst Org. and Vantone launch partnership

Jonathan Durst and Dajun Yun have signed an agreement for each company to invest $11 million in the other. The Durst Org. will make its first investment ever in a commercial project outside of New York and Vantone will make its first investment in New York City real estate. The Durst Org. will invest in Vantone Taipei 2011, a high-end, hotel-style serviced condo complex to be located in Danshui District of New Taipei City in Taiwan. Vantone will invest in 855 Sixth Ave., a mixed-use hotel and residential rental building at 6th Ave. between 30th and 31st Sts. now being designed. "We are honored to partner with Vantone on their project in Taiwan and look forward to more collaboration in the future," said Durst, president of The Durst Org. "We believe there is tremendous opportunity and growth, not only in the Chinese real estate market, but in Chinese companies opening and expanding in N.Y.C. As The Durst Org. grows, we are seeking ways to expand our business." "It is very exciting for Vantone to partner with Durst, a very experienced and reputable developer," said Dajun Yun, CEO of Vantone Real Estate. "Vantone has always been interested in real estate development in New York, and has been looking for the right partner for the right project in N.Y.C. This is a great opportunity as Vantone is expanding internationally. By working with Durst, Vantone will acquire valuable international development skills in mixed-use residential project to gain more expertise to compete in the international market." 855 Sixth Ave., a Durst Fetner residential project, is scheduled to break-ground in the spring of 2012 and be completed in the fall of 2014. The 570,000 s/fmixed-use project will have 350-rental units, a 300 key hotel and 90,000 s/f of commercial space. It is being designed by Cook + Fox Architects. Vantone Taipei 2011 is a high-end, hotel-style serviced condo complex to be located in Danshui District of New Taipei City in Taiwan. The hill-top development with breathtaking views encompasses 320,000 s/f in land size. Gross floor area is 685,833 s/f. The project will house 278 homes, a club with amenities including a swimming pool, library, multi-functional space and a restaurant.