A fast-selling condo project in Greenwich Village has started closings, with an international flavor.
The Qatari Government paid $9.8 million for an apartment in the building owned by Argo Real Estate and India-based real estate firm Bsafal, according to a deed registered to the city reported by Crain’s New York.
The 2,600-square-foot condo has a 120-square-foot terrace — one of only five units in the building with outdoor space.
The 11-story building, which is still under construction, made headlines in 2022 when a team at Douglas Elliman sold 24 of its 28 residences in just 10 days.
The condo at 64 University Place was bought through shell company Greenwich Seagull LLC, but the contract for the apartment, signed in 2023, features a name attributed to Qatar’s prime minister, Mohammed bin Abdulrahman bin Jassim Al Thani.
While international residences are often bought as official residences to host ambassadors, a representative for Qatar’s United Nations office declined to comment to Crain’s on the intended use of the Greenwich Village unit. Its current United Nations address, a 7,300-square-foot pre-war townhouse at 21 Beekman Place in Turtle Bay, hit the market in June.
Argo and Bsafal acquired the property for $30 million in 2019 from Bernard Charles, borrowing $47 million to complete the deal. Records show the debt is held by Deutsche Bank.
Work began on the project in 2021, following pandemic-era delays, with financial help from an $82 million construction loan from Fortress Investment Group. Initially slated to be finished by early 2024, New York YIMBY reported in March it will probably be completed later in the year.
The building was designed by KPF, while interiors were created by Space Copenhagen, a Danish firm.
The purchase adds to the nation’s already massive real estate holdings. The wealthy nation owns a large residence at 7-9 East 72nd Street, as well as condos at 1 Wall Street and 432 Park Ave.
The nation also has serious commercial property. They invested $3.8 million, alongside fellow developer Brookfield, in Manhattan West, the behemoth project based in Hudson Yards, through its Sovereign Wealth Fund. Qatar has also held a 10 percent stake in Empire State Realty Trust since 2016.
– Caroline Handel
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