Waldorf to Be Biggest Chinese Property Purchase in U.S.

New York City’s Waldorf Astoria hotel is set to become the biggest prize yet for buyers from China who have been pouring money into U.S. real estate as they seek stable investments outside their country.

Beijing’s Anbang Insurance Group Co. agreed to pay $1.95 billion for the 1,232-room tower on Park Avenue, an Art Deco landmark and one of Manhattan’s signature properties. That would be the highest price for a single existing hotel in the country, and the most paid for a standing U.S. building by a Chinese buyer, said Kevin Mallory, global head of the hotels unit of commercial real estate brokerage CBRE Group Inc. (CBG)

“We’re seeing a diversification strategy being employed by insurance companies and others, and it’s also true when it comes to private Chinese investors,” he said in a telephone interview. “We’ve seen a lot of wealth generated there over the last decade, and we see see private investors diversifying their portfolio around the globe.” Continue reading

Farrakhan a VIP guest at dinner party with Iran’s Rouhani

The Iranian delegation may be pariahs inside the UN building, but they’ve found at least one friend during their visit to New York – Nation of Islam leader Louis Farrakhan.

Farrakhan and his entourage attended a dinner party hosted by Iranian President Hassan Rouhani on Tuesday night. Rouhani’s dinner party was held on the second floor of the One UN Hotel, where the Iranian delegation is staying, and at the same time as President Obama’s party at the Waldorf Astoria just blocks away. Continue reading