http://observer.com Mon, 20 May 2013 01:42:15 +0000 hourly 1 http://wordpress.com/ http://1.gravatar.com/blavatar/dac0f3722a48a53be75eb06c0c4f5119?s=96&d=http%3A%2F%2Fs2.wp.com%2Fi%2Fbuttonw-com.png http://observer.com http://observer.com/2007/05/middleeastern-investors-heart-new-york/#comments Wed, 23 May 2007 18:00:22 -0400 http://observer.com/2007/05/middleeastern-investors-heart-new-york/ Mark Wellborn http://www.observer.com/2007/05/middleeastern-investors-heart-new-york/ Middle-Eastern investors snatched up $3.14 billion in Manhattan real estate in 2006, according to a new report from brokerage Jones Lang LaSalle. Not too shabby for the Big Apple as the total Middle-East investment in U.S. real estate during last year was just north of $7 billion.

One name dominated the headlines, though.

Istithmar, the Dubai-based investment house, seemed to be involved in every major deal involving office space in the city. In April 2006, it acquired Six Times Square for $300 million. Two months later, it purchased 280 Park Avenue for $1.2 billion from Boston Properties. It capped off the summer of 2006 by purchasing 450 Lexington Avenue in August for $600 million.

Not wanting to limit itself to one particular niche, Istithmar also bought the W Hotel Union Square for $285 million in October and the former Knickerbocker hotel in Times Square for $300 million in June.

The royal family-owned company is not resting on its laurels, though. As The Observer reported last month, it unloaded 280 Park Avenue to Broadway Partners for a slight profit just 10 months after acquiring it. Also in April, Istithmar paid $278 million for the majority stake of the Mandarin Oriental hotel in the Time Warner Center.

Should we expect more from Istithmar and other Middle-East investors? Yes. Yes we should.

]]> Middle-Eastern investors snatched up $3.14 billion in Manhattan real estate in 2006, according to a new report from brokerage Jones Lang LaSalle. Not too shabby for the Big Apple as the total Middle-East investment in U.S. real estate during last year was just north of $7 billion.

One name dominated the headlines, though.

Istithmar, the Dubai-based investment house, seemed to be involved in every major deal involving office space in the city. In April 2006, it acquired Six Times Square for $300 million. Two months later, it purchased 280 Park Avenue for $1.2 billion from Boston Properties. It capped off the summer of 2006 by purchasing 450 Lexington Avenue in August for $600 million.

Not wanting to limit itself to one particular niche, Istithmar also bought the W Hotel Union Square for $285 million in October and the former Knickerbocker hotel in Times Square for $300 million in June.

The royal family-owned company is not resting on its laurels, though. As The Observer reported last month, it unloaded 280 Park Avenue to Broadway Partners for a slight profit just 10 months after acquiring it. Also in April, Istithmar paid $278 million for the majority stake of the Mandarin Oriental hotel in the Time Warner Center.

Should we expect more from Istithmar and other Middle-East investors? Yes. Yes we should.

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