Istithmar sells second Park Avenue property in New York for $1.15b
Dubai: Istithmar World Real Estate, a unit of the government-owned Dubai World conglomerate, said yesterday it had sold 230 Park Avenue for $1.15 billion, citing an "unusual opportunity" to sell the New York building it acquired for $705 million in 2005.
The real estate owned by Dubai World in the US includes 450 Lexington Avenue, The W Hotel Union Square, The Mandarin Oriental Hotel and the Knickerbocker on Times Square.
Dubai World chairman Sultan Ahmad Bin Sulayem said "market conditions created an unusual opportunity for us" to sell the two New York assets.