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Qatar drops $622M on a stake in the Empire State Building

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It’s one of the tiny country’s several real estate investments in New York City

Qatar’s purchase of a $90 million Upper East Side townhouse may have fizzled at the last minute, but now, the tiny Middle Eastern country has picked up an even flashier piece of NYC real estate. The Wall Street Journal reports that the Qatar Investment Authority dropped $622 million on a piece of the Empire State Building, giving the country a 9.9 percent share in the iconic structure. The Empire State Realty Trust Inc., which oversees operations at the landmark, announced the sale.

It’s just one of Qatar’s many investments in New York City over the years, aborted purchase of the Wildenstein mansion notwithstanding. Last fall, the country acquired a major stake—44 percent—in the Manhattan West megaproject, as part of a partnership with developer Brookfield Properties. It also owns a plethora of residences throughout the city, including four apartments at 50 United Nations Plaza. It’s all part of the country’s push to invest about $35 billion into the United States, according to the WSJ.