QIA TAKING NEW YORK BY STORM
The country's sovereign wealth fund Qatar Investment Authority (QIA) currently holds about 10.69 million square feet of New York's properties, according to commercial real estate intelligence group CoStar.
The 145% jump from March last year now makes QIA the ninth largest property holder in the state. In August 2016 QIA acquired a 9.9% stake in Empire State Realty Trust, the company that owns the Empire State Building, thanks to a $622 million investment. Speaking to Crain's New York, Michael Maduell, president of the Las Vegas-based research group Sovereign Wealth Fund Institute, said, “Internationally, New York real estate is a safe place to park assets. And wealth funds are sometimes willing to pay more than real estate fund managers for assets. They're buying assets for the long term, like 20 to 30 years.”