Qatar-based Alduwaliya pays $40M to Thor Equities for property in Flatiron

The Qatar-based Alduwaliya Asset Management through the entity 164 Fifth Avenue Inc. paid Thor Equities’s Thor 164 5th Ave LLC $40 million for 164 Fifth Avenue in Flatiron. The deal closed on December 4, 2020, and was recorded on December 16, 2020. The transaction consists of 1 parcel, including the tax class lodge rooms (P2). The property is 11,070 square feet. The parcel(s) have total development potential of 11,070 square feet.
The average sale price per square foot is $3,613.

The buyer was an affiliate of the Qatar ruling family’s investment arm, Alduwaliyah, according to the transfer documents. The signatory was Sheikh Thani Abdulla T.J. Al-Thani. The Commercial Observer described the buyer as “high-net-worth individual from the Middle East.”The contract date was the same as the sale date, December 4, 2020. The last time the property sold was July 11, 2014 for $23,000,000.

Alduwaliya has purchased other properties in Manhattan, including two in the Garment District.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $3,350,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $618,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA.
The signatory for the buyer or lender was Sheikh Thani Abdulla T.J. Al-Thani