Middle East Investors Raise Bets on New York Real Estate: ChartBy
Middle Eastern investors stepped up purchases of U.S. commercial real estate, with New York City the top destination in both the country and the world for the 18 months through June. Economic growth and favorable exchange rates combined to make the U.S. appealing, particularly for sovereign-wealth funds, according to CBRE Group Inc. Among the $6.5 billion of New York deals was Qatar Investment Authority’s purchase of a stake in the Manhattan West development, and, following the period CBRE studied, the authority paid $622 million for 9.9 percent of the company that owns the Empire State Building.
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