New York-based Brookfield Property Partners has collaborated with Qatar Investment Authority (QIA) on the mixed-use Manhattan West development project in New York City.
Brookfield sold a 44% interest in the development to QIA. The total value of the development upon completion and stabilisation is estimated to be $8.6bn.
“Brookfield has enjoyed a long-standing, successful relationship with QIA and we are thrilled that they share our vision for this transformative project,” said Bruce Flatt, CEO of Brookfield Asset Management.
“This joint venture is an example of our strategy to invest in high-quality real estate with strong partners. It is also a further demonstration of QIA’s long-term confidence in the US market,” said H.E. Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani, CEO of Qatar Investment Authority.
Manhattan West is a five-building, 7-million-square-foot development project on the west side of Manhattan, bounded by 31st and 33rd Streets and 9th and 10th Avenues.