Aabar Investment, a company controlled by the Abu Dhabi Government, is helping fund the development of a 73-storey luxury apartment building and hotel in New York City.
Khadem al Qubaisi, the chairman of Aabar, confirmed the company had paid Extell Development for a majority stake in a project rising at 157 West 57th Street in Manhattan, just a block away from Central Park and next door to Essex House, a hotel owned by the Jumeirah Group of Dubai.
Mr al Qubaisi said the deal with Extell, the company of the development giant Gary Barnett, could be the start of several property projects in New York.
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