Saturday, September 15, 2012

Manhattan Estate Sold For $47 Million To Qatar Prime Minister

These billionaire Arabs are everywhere. In August 2012, a Manhattan estate was purchased for $47 million dollars by the Prime Minister of Qatar: Sheikh Hamad bin Jassim bin Jaber al-Thani. In most countries of the world, foreigners are not allowed to purchase property, but that does not seem to be so in New York City.

However, we can’t say that Sheikh Hamad bin Jassim bin Jaber al-Thani (Prime Minister of Qatar) had it easy while shopping for real estate in New York . He had earlier set his eyes on late copper heiress Huguette Clark’s Fifth Avenue estate that was priced at $31.5 million dollars, but his offer was rejected by the co-op board. Later he tried to buy Denise Rich’s $65 million penthouse, and the $100 million penthouse at the One57 building, but these offers were rejected as well.

The main reason why these real estate purchase offers fell through was because many people did not want the Sheikh’s entourage (which consists of two wives, over a dozen children, and security personnel licensed to carry automatic weapons) in the building area. After being snubbed by real estate owners for several high profile property listings, the Qatar Prime Minister finally bought Aby Rosen’s famous townhouse for $47 million dollars.

Location of Sheikh Hamad's New Manhattan Property

This Manhattan townhouse is situated at 22 East 71st Street, in the posh ‘Breakfast at Tiffany’s’ neighbourhood. The seller of the Manhattan townhouse is real estate tycoon Aby Rosen, whose company owns properties like the Seagram Building and Lever House. The townhouse purchased by Sheikh Hamad bin Jassim bin Jaber al-Thani measures 22,000 square feet, and comprises five floors.

This Italian Renaissance mansion was listed for $75 million in 2008 (becoming one of the most expensive listed properties in New York City). The price was later set to $50 million, after offers of over $60 million were rejected by the real estate company, and the real estate markets crashed. The Prime Minister of Qatar seems to have bargained well regarding the price, and managed to get the Manhattan townhouse for $3 million dollars cheaper.

Sheikh Hamad of Qatar had reportedly purchased the Manhattan mansion with a huge deal of secrecy, through Tower Management Holdings (an LLC); rather than going to a real estate broker.

Designed by renowned architect, C.P.H Gilbert, the Manhattan property purchased by Sheikh Hamad bin Jassim bin Jaber al-Thani boasts of a majestic marble-arched entryway, and a curved staircase in the main hall. It was purchased by Aby Rosen in 2004 for just $15.65 million, through his sister-in-law, Serena Broadman of Sotheby’s International Realty. The real estate tycoon had never lived there, but had occasionally thrown lavish parties, which was attended by the elite of New York City.

Seems America is getting bought off by rich Sheikhs from the Middle-East, who have billions of oil dollars to spend, any where they want. What do you think of the Qatar Sheikh purchasing the Manhattan townhouse property?

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