The Wall Street Journal: Qatar fund buys stake in Empire State Building

The Qataris are betting on the Empire State Building.

An affiliate of the Qatar Investment Authority bought a 9.9% stake in Empire State Realty Trust, the landlord that owns the 1,250-foot skyscraper, the company said Tuesday. The $622 million investment marks the latest injection of foreign money into New York real estate.

While Empire State Realty Trust owns properties in Manhattan, Westchester County and Connecticut, the Empire State Building is its most valuable building, generating more than 30% of its revenue last year.

The Qatar Investment Authority, which manages investments for the natural gas-rich Middle Eastern country, didn’t immediately respond to a request for comment.

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