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New York

Abu Dhabi invests in Extell project

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An Abu Dhabi government-controlled investment company has become the majority shareholder in Extell Development’s project currently under construction at 157 West 57th Street between Sixth and Seventh avenues. It was not immediately clear how much was spent in the transaction. The investment is the first in New York City for Aabar Investment, but not for other government-controlled financial groups in the United Arab Emirates’ capital city. The 73-story hotel and condo building development is the latest in a series of New York City real estate investments for the Abu Dhabi government. Most notably, the Abu Dhabi Investment Council purchased a 75 percent stake in the Chrysler building, the National reported.

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Extell DevelopmentGary Barnett