Qatari state fund buys stake in NY's Empire State Building

IndustriesAssociated Press

Qatar's sovereign wealth fund has made an iconic purchase in America — a stake in the company owning New York's Empire State Building.

The Empire State Realty Trust Inc., which manages the building, said late on Tuesday that the Qatar Investment Authority purchased a 9.9-percent stake in the company for $622 million.

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The Qatar Investment Authority did not respond to a request for comment Wednesday.

The QIA's existing American holdings include a more than 10-percent stake in New York-based luxury jeweler Tiffany & Co. The fund sold its share of the American film studio Miramax to Qatar-based media group beIN in March.

The Las Vegas-based Sovereign Wealth Fund Institute estimates the Qatari fund is worth some $335 billion.