Big Istithmar sales mystify

Given Manhattan’s hot commercial market, why would a firm flip two trophy properties at a possible loss? Many real estate experts are scratching their heads over the news that Dubai-based Istithmar is unloading both 230 Park Avenue and 280 Park Avenue barely a year since it purchased the Class A buildings. “It’s a mystery,” said Eric Anton, a principal at investment services firm Eastern Consolidated. “It’s a strange play, and nobody knows why they did it.” Analysts’ theories on the sales range from speculation that Istithmar sold the properties in order to concentrate on, and expand, its core retail and hospitality-industry investments to hunches that the firm was simply unprepared for the complex machinations of Manhattan office building management. more By Cara Tabachnick