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26 February 2024

Dubai sells New York's 230 Park Avenue for $1.15bn

By Agencies



Dubai's Istithmar said on Wednesday it had sold 230 Park Avenue to a group including a fund managed by Goldman Sachs Group for $1.15 billion (Dh4.22bn), its second New York property sale in less than two months.


The Dubai state investment agency planned to sell some properties in London and New York and redeploy some capital to real estate in Asia, the chief investment officer of its parent Dubai World, Yu Lai Boon, said this month.


Istithmar, which sold 280 Park Avenue to Broadway Properties in November for $1.35 billion (Dh4.95bn), said in a statement it made a profit of $445 million (Dh1.63bn) from the sale of 230 Park Avenue to Goldman's Whitehall Fund and Monday Properties.


It said it bought the property for $705 million (Dh2.59bn) in November 2005.


Dubai World, with about $20 billion (Dh73.4bn) in real estate assets outside of Dubai, holds global assets ranging from British port operator P&O, New York luxury retailer Barneys and office buildings such as London's One Trafalgar Square.


The group, which also has stakes in Thai developer Raimon Land and U.S. firm MGM Mirage, is merging two real estate units Nakheel and Istithmar Real Estate into a single unit, Middle East Economic Digest reported last month.


Dubai World still owns New York properties including 450 Lexington Avenue, The W Hotel Union Square, and the Knickerbocker Hotel in Times Square. (Reuters)