The deep-pocketed Qatari government has expanded its already vast NYC real estate portfolio with the acquisition of a $9.8 million condo in the heart of Greenwich Village.
Located at 64 University Place, the luxurious 2,600-square-foot residence is a small but significant addition for the Middle Eastern nation, known for its substantial investments around Manhattan.
The residence is in an 11-story boutique development, bought through a shell company, Greenwich Seagull LLC, which closed the deal on October 9.
According to city records, the contract for the unit was first signed in January 2023 and is linked to none other than Qatar’s prime minister, Mohammed bin Abdulrahman bin Jassim Al Thani, Crains reported.
The swanky condo, one of just five units in the building to boast outdoor space, features three bedrooms, three-and-a-half baths, a fireplace, and a 120-square-foot terrace.
The project was developed by Argo Real Estate and Bsafal. The units were quietly marketed, with few details available online.
Qatar’s latest buy fuels speculation about its future use. Foreign governments often use high-end properties as housing for diplomats.
But whether this condo will serve as a new residence for Qatar’s UN representative, Sheikha Alya Ahmed bin Saif Al Thani, is still up in the air.
Edan Pinkas, a lawyer representing the buyer and a spokesman for Qatar’s UN office, Alaeldin Dafalla, refused to comment.
This purchase comes as Qatar looks to offload its current UN residence at 21 Beekman Place, a Turtle Bay townhouse it acquired for $34 million in 2013. The country has listed the property for $32 million, but it remains unsold.
Qatar’s foothold in New York real estate is nothing short of impressive.
The royal family owns a sprawling residence at 7-9 E. 72nd St. on the Upper East Side, while the sovereign wealth fund, Qatar Investment Authority (QIA), has invested billions in projects like the $3.8 billion Manhattan West development with Brookfield. In 2022, QIA and Brookfield sold a 49% stake in 1 Manhattan West to Blackstone, valuing the skyscraper at $2.9 billion.
But that’s not all. The country also holds a nearly 10% stake in Empire State Realty Trust, which controls the iconic Empire State Building, and made a splashy $1.8 billion investment in Brookfield in 2014.
As for the Greenwich Village building itself, it’s nearly sold out. The 28-unit condo project, which launched sales in 2022, has closed deals on 24 units so far, with a target of $135 million in total sales.
Developers Argo Real Estate and Bsafal acquired the site in 2019 for $30 million and took out $47 million in loans to fund the project.
Mark Moskowitz, CEO of Argo, was unavailable for comment.