As recently reported by The Real Deal, the Qatar Investment Authority (QIA) has started to make splashy purchases in New York’s real estate market, increasingly drawing the industry’s attention. For example, in August, the sovereign wealth fund bought nearly 10% state in Empire State Realty Trust, which owns the Empire State Building among other office and retail properties. And over the past two years, the fund has bought $3.78 billion worth of Manhattan p
roperties (source: Real Capital Analytics), including an undisclosed stake in Manhattan West, Brookfield Property Partners’ under-construction, $8.8 billion mixed-used project on the Far West Side. In addition, it opened a Manhattan office last year at one of the most prestigious and expensive commercial addresses, 9 West 57th Street, where rents reportedly top $100 a foot!
While the fund has been investing in NYC for some time, it has signaled it is increasing its commitment to NYC real estate market from Europe.