Dubai Interest Sells New York Tower for $1.15 Billion

DUBAI - A subsidiary of UAE conglomerate Dubai World has sold a New York tower block for $1.15 billion, reaping a profit of close to half a billion dollars.

Istithmar World Real Estate, a unit of the government-owned Dubai World, said it sold 230 Park Avenue to a consortium including a Goldman Sachs fund after buying the property in 2005 for $705 million.

The deal follows Istithmar’s sale several weeks ago of another New York property, 280 Park Avenue, for $1.35 billion, a 12.5-per-cent gain on the purchase price in June 2006 of $1.2 billion, it said.

© The Edmonton Journal