Qatar becomes one of New York’s biggest property owners

- Advertisement -

Qatar has become a big player in New York real estate. Qatar Investment Authority is now the city’s ninth-largest commercial property owner. The sovereign wealth fund’s standing emerged in CoStar’s recent ranking of New York’s largest commercial owners.

By acreage, Qatar is just 8.2% of New York state’s size but has the highest per capita income in the world, in large part because it is the biggest exporter of liquid natural gas. The Arab country’s investment fund is believed to manage upward of $250 billion in assets. After its investments in Anglo-Swiss commodity trading and mining conglomerate Glencore and German auto manufacturer Volkswagen went sour, Qatar’s sovereign wealth fund was willing to pay premiums for New York real estate.

“Internationally, New York real estate is a safe place to park assets,” said Michael Maduell, president of the Sovereign Wealth Fund Institute, a research outfit based in Las Vegas. “And wealth funds are sometimes willing to pay more for assets than real estate fund managers. They’re buying assets for the long term—like 20 to 30 years.” (Source credit – Crains)


- Advertisement -