Qatar's Government Owns More NYC Real Estate Than You Might Think
Multiple Middle Eastern countries are cutting off relations with Qatar over allegations the country funds terrorist activities in the region — news that resonates in New York City, where the nation has significant investment.
Qatar Investment Authority is a state-owned company tasked with investing profits made from the country's natural gas industry. No connections have formally been made between QIA and the Qatari individuals and agencies accused of sponsoring terrorism, the New York Post reports.
QIA owns minority stakes in New York developers Brookfield Property Partners and Empire State Realty Trust, and is a partner with Brookfield on its massive Manhattan West development. The former head of QIA also is a partner in the retail component of residential supertall 432 Park Ave., and his son's company, QInvest, helped finance the building.
That same former chief also is a partner in the redevelopment of One Wall Street, for which the Qatar National Bank provided funding. QIA has stakes in developments from Vornado and Tishman Speyer, and announced last year that it plans to invest $45B in the United States over the next five years.