Friday, July 6, 2012

FOREIGN MONEY IN REAL ESTATE: Qatar prime minister to buy $250M of One57 condos

The prime minister of Qatar has negotiated deals to by about $250 million worth of apartments in Extell Development’s One57 tower, including a nearly $100 million penthouse, the New York Post reported. Sheik Hamad bin Jassim bin Jaber al-Thani turned his attention to Gary Barnett’s building after his bid to buy Huguette Clark’s Fifth Avenue penthouse for $31.5 million was rejected by the co-op board.
The 10,923-square-foot penthouse was already reported to be in contract for a nine-figure price north of $90 million, but the buyer’s identity was unknown. Sheik Hamad is also in discussions with purchasing four separate full-floor condominium units in the building, at 157 West 57th Street, which could bring the total purchase price to $250 million.
The Post said he had also been eying Denise Rich’s $65 million co-op, but boards were reluctant to have him as a buyer. The sheik has two wives, 15 children, armed security and a
large entourage of help which board members have been reluctant to let crowd their property.

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