Wednesday morning, Dubai's state-owned investment company, Istithmar World Real Estate, announced that it successfully closed on the sale of 230 Park Avenue property in New York to a consortium that includes Goldman Sachs Group Inc.'s (GS) Whitehall Fund and real estate developer Monday Properties for $1.15 billion. The sale is the second in New York by Istithmar in a span of two months.The 172-meter tall 230 Park Avenue building, also known as the Helmsley Building and having 35 floors, originally served as headquarters of the New York Central railroad companies. Istithmar had acquired the building in November 2005 for $705 million. Istithmar was established in April 2006 as a business unit under Istithmar PJSC, the investment arm of Dubai World. Its formation was aimed at bringing together the group's investment interests in commercial and industrial property, hotels and resorts, the leisure sector, retail, residential and mixed-use developments.Dubai World is the holding company that manages and supervises a portfolio of businesses and projects for the Dubai Government. Its companies include DP World, P&O Ports and Ferries, Nakheel, Inchcape Shipping Services, Tejari and Tamweel. Commenting on the deal, Sultan Ahmed Bin Sulayem, Chairman of Dubai World said, Our real estate investment activities in the U.S. have been an important component of our overall strategy. We have been very successful in executing well-timed acquisitions and dispositions, and remain committed to further continued investment activity throughout the United States. While our original strategy with regards to 230 Park Avenue and 280 Park Avenue contemplated long-term holds, we felt that market conditions created an unusual opportunity for us.Monday Properties, one of the members of the consortium that acquired 230 Park Avenue, is a New York-based real estate developer. The company is focused on the East Coast of the United States, with particular emphasis on New York City and Washington D.C. The company currently owns and/or manages about 7 million square feet of property, including 4 million square feet in Manhattan and 3 million square feet in the greater Washington DC metropolitan area. Istithmar sold another of its investments in New York, 280 Park Avenue, to Broadway Properties in November this year for $1.35 billion. The company plans to redeploy some of its capital from the sale of properties in London and New York to real estate investments in Asia. In August, Istithmar paid $942.3 million to buy Barneys New York from Jones Apparel Group Inc. (JNY).The company celebrated the achievement of its US$10 billion investment landmark in October this year.Dubai World owns several prime assets in mature markets. In London, its properties include One Trafalgar Square, while in New York, it owns the Knickerbocker Hotel in Times Square, the Mandarin Oriental at the Time Warner Center and the W Hotel Union Square. In Dubai, the company owns the QE2 cruise ship, which has been converted into a floating hotel. In August, Dubai World agreed to invest $5 billion in casino operator MGM Mirage (MGM) for a 9.5% equity stake in that company and for half of the casino company's CityCentre project. In November, reports said that Dubai World was merging its subsidiaries Nakheel and Istithmar to create the biggest real estate company in the world, with assets and projects under way worth $52 billion. GS closed Monday's regular trading session at $214.32, up $4.72 on a volume of 3.42 million shares. In Wednesday's pre-market trading, the stock is trading at $213.64, down $0.68 or 0.32%. In the 52-week period, the stock has been trading in a range of $157.38-$250.70.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.