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Qatar is now one of New York’s biggest property owners

  • Author:doha news
  • Source:doha news
  • Release on:2017-05-15

  Qatar’s sovereign wealth fund is now among the top property owners in New York, a new report has found.

  The Qatar Investment Authority (QIA), which also owns a great deal of real estate in Europe’s London and Paris, now holds some 10.69 million square feet of real estate in New York. That’s up 145 percent from March of last year, according to commercial real estate intelligence group CoStar.

  This now makes the QIA the ninth largest property holder in the state. Crain’s New York reports that this in large part due to the QIA’s $622 million investment in the company that owns the Empire State Building.

  The August purchase gained the QIA a 9.9 percent stake in the Empire State Realty Trust, which manages what used to be the world’s tallest skyscraper. The firm also has more than a dozen other office and retail properties, mostly in Manhattan.

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