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

Qatar's sovereign wealth fund makes iconic US purchase _ stake in company owning New York'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.

advertisement | advertise on News 12

Trending Video

Police in Asbury Park calling for cease fire 1 Police in Asbury Park call for cease-fire after shootings
Police worked with the prosecutor's office to conduct 2 Father speaks out against Asbury Park crime
VIDEO: 4 charged with selling heroin in Newburgh 3 VIDEO: 4 charged with selling heroin in Newburgh
News 12 took to the streets to find 4 Word on the Street: Time travel
Friday Night Football - Championships 5 Friday Night Football: Championships

advertisement | advertise on News 12

Features

It's good to know you have Walt Kane Kane in Your Corner

It's good to know you have Walt Kane in your corner.

News 12 takes a look at the hottest Tech Check

Eric Landskroner has a look at the latest gadgets and biggest stories in tech.

News 12 On the Scene

Check out these exclusive videos from New Jersey celebs!

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE