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W Hotel Union Square Sells for $285M

NEW YORK CITY–Dubai company purchases fifth Manhattan asset in the last 12 months.

By Katie Hinderer | Updated on October 11, 2006

NEW YORK CITY-Istithmar, a Dubai-based investment company, is set to buy its fourth New York property this year, with the purchase of the W Hotel Union Square. The deal is valued at $285 million.

In April, the company bought the Knickerbocker Hotel at 6 Times Square for about $300 million. In June, 280 Park Ave., a two tower class A office building was purchased from Boston Properties for $1.2 billion. The company also purchased 450 Lexington Ave.

In November 2005, Istithmar made its first play in New York City with the purchase of the Helmsley Building, at 230 Park Ave. The company purchased the office building for $705 million.

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