Qatari royal snaps up 737 Park pad

Apartment traded at nearly $7M discount to original ask

New York /
Jun.June 20, 2017 05:23 PM

A member of the Qatari royal family scooped up an apartment at Macklowe Properties’ TRData LogoTINY 737 Park Avenue for $20.5 million.

Katarabucks One Ltd., an entity registered to Hessa Hamad KH H Al-Thani, paid significantly less than the original $27 million asking price for the five-bedroom, seven-bathroom unit, according to property records filed with the city Tuesday.

The Al-Thanis, the ruling family of Qatar, have existing connections to developer Harry Macklowe. Sheikh Hamad Bin Jassim Bin Jaber al-Thani, one of the world’s richest men and the former prime minister of Qatar, is quietly backing Harry Macklowe’s One Wall Street, though Hessa’s relationship to the Sheikh was not immediately clear.

Juliette Janssens, Allison Koffman and Jackie Rohrbach of Sotheby’s International Realty had the listing. Janssens did not immediately respond to a request for comment.

Katarabucks also owns a $12 million apartment at Nearby 610 Park Avenue, which it purchased in 2011, records show.

The 6,111-square-foot 737 Park sponsor unit, which had been on the market since 2013, has 102 feet of Frontage On Park Avenue. It originally asked $27 million, though was later discounted to $25 million.

Macklowe and CIM Group converted the 1940s-era prewar building from rentals. The developer reportedly kept his lover turned fiancee Patricia Landeau there for two years while still married to his wife, Linda.

Meanwhile, the Al-Thanis continue to face problems at home. Qatar has said it will not negotiate with its neighbors in Saudi Arabia, Egypt and Bahrain until they lift trade and travel sanctions placed against the country several weeks ago. The country has denied allegations by its neighbors that it funds terrorism.


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