Steven Witkoff, the billionaire New York real estate executive whom President-elect Donald J. Trump has named as his special envoy to the Middle East, was in a jam.
But there was a two-part rescue of sorts from the kind of real estate angels that New York property investors have increasingly turned to.
First, Abu Dhabi’s sovereign wealth fund expanded its stake in the troubled hotel, Park Lane, which sits at the southern edge of Central Park.
Then, in an even more crucial move, the Qatar Investment Authority last year dispatched $623 million as a leveraged buyout of Mr. Witkoff and his partners.
The transactions — involving two oil-rich sovereign wealth funds from the Middle East — are a hint of the enormous flow of dollars pouring into U.S. real estate firms from entities associated with countries like Qatar, the United Arab Emirates, Saudi Arabia and Kuwait.
Persons:
Steven Witkoff, Donald J, Trump, Witkoff’s, Abu, Witkoff
Organizations:
New, Justice Department, Qatar Investment Authority, Mr, United Arab
Locations:
New York, Manhattan, Park, Central, Qatar, United Arab Emirates, Saudi Arabia, Kuwait