Mitsui Fudosan to ax New York unit

Mitsui Fudosan Co., the nation’s largest real estate developer, said Friday one of its wholly owned U.S. subsidiaries has decided to liquidate its New York unit after selling all of its assets to local firms.

Mitsui Fudosan said it plans to dissolve Mitsui Real Estate Sales New York Co., a unit of Mitsui Real Estate Sales U.S.A. Co., within the year, as the New York unit has decided to sell the properties it has shared with local firms amid favorable real estate market conditions, according to a Mitsui Fudosan official.

Mitsui Real Estate Sales New York was established in April 1989 to engage in real estate trade on the U.S. East Coast.

Mitsui Fudosan added that the liquidation plans will not affect the firm’s earnings results for 2002.