Arab Investment House Buys 230 Park Avenue

Istithmar PJSC, a United Arab Emirates-based investment house, has acquired 230 Park Avenue in Midtown Manhattan for $705 million.The approximately 1.2 million-square-foot, 34-story, landmark New York City property was acquired from 230 Park Avenue Investors, with funding from Credit Suisse First Boston. "Within the real estate sector, Istithmar targets projects that are positioned to experience long-term substantial capital appreciation, rather than focusing exclusively on the yield of our properties," said Sultan Ahmed Bin Sulayem, executive chairman of Istithmar. "We remain very bullish about key gateway cities like New York, London, and Paris. We are also eyeing what we believe are tremendous opportunities across the various real estate asset classes in the Middle East, China, Southeast Asia, and Eastern Europe."