How much does Qatar own of Manhattan?

Inside the black box that turns Manhattan property into Qatari power

How much does Qatar own of Manhattan real estate? 

A lot more than you think.

For my first story for The Real Deal, I offer a deep dive into Qatari government investments into New York City.

Art by Paul Dilakian/The Real Deal

The tiny Gulf state – through its fund, related companies and royal family – has spent tens of billions of dollars on American property, amounting to an estimated 10 million square feet in Manhattan, at minimum: From a hotel portfolio that includes the iconic Plaza Hotel, St. Regis, and Park Lane Hotel, to stakes in the Empire State Realty Trust and Brookfield Property Partners, to bankrolling some of the city’s most glamorous and high-profile developments.

“Beyond the fact that it’s a good asset,” one former expat in Doha told me, “It gives them access to the clients or users of those commodities. It opens the doors to the who’s who in Europe and America.”

The tiny country’s sovereign wealth fund is a black box; in addition to holding buildings and shares of real estate companies and trusts outright, the fund’s spin offs and affiliates also quietly back other investors. 

For this story, I spoke to brokers, investors, lenders, developers and lobbyists in an effort to paint a picture of the Qatari government’s investment into New York. Almost all declined to speak on the record.

I chose to examine this now because Qatar is under growing scrutiny, as conflict spreads across the Middle East. The Gulf state is positioning itself as a U.S. ally and regional mediator, even as it continues to have a notorious human rights record, and to host Hamas leadership and maintain financial ties to the terror group.

And acquisitions in Manhattan real estate aren’t just about value appreciation. They’re about buying influence and, potentially, power. 

As one Gulf region analyst told me: “Everything in the Middle East is about who owns what.”

For the full story, and the interactive map that lays this all out for you – read it in The Real Deal.