Qatari state fund buys stake in NY's Empire State Building

Qatari state fund buys stake in NY's Empire

Qatari state fund buys stake in NY's Empire State Building

DUBAI, United Arab Emirates - (AP) -- Qatar's sovereign wealth fund has made an iconic purchase in America -- a stake in the company owning New York's Empire State Building.

The Empire State Realty Trust Inc., which manages the building, said late on Tuesday that the Qatar Investment Authority purchased a 9.9-percent stake in the company for $622 million.

The Qatar Investment Authority did not respond to a request for comment Wednesday.

The QIA's existing American holdings include a more than 10-percent stake in New York-based luxury jeweler Tiffany & Co. The fund sold its share of the American film studio Miramax to Qatar-based media group beIN in March.

The Las Vegas-based Sovereign Wealth Fund Institute estimates the Qatari fund is worth some $335 billion.

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