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An Abu Dhabi investment company is funding a 306-metre tower overlooking Central Park in New York.
Aabar, an investment company owned by the government of Abu Dhabi and private investors, has paid for three-quarters of the initial financing of Carnegie 57 - which has been designed by architect Christian de Portzamparc - and a "significant equity stake", the National reported yesterday.
The Carnegie 57 is located at 157 West 57th street and will be the tallest residential tower in New York city, with 136 luxury flats starting from US$3 million up to US$50 million for a penthouse overlooking the whole of Manhattan island. Gary Barnett, the president of Extell Development, said that the foundations had been poured and the construction work was due to start this week.
Barnett also said that he hoped to raise more money from Gulf investors in the future, and had held meetings with Oman, Abu Dhabi, Dubai and Oman.
Aabar has made a number of significant investments in the last 12 months, buying up a Formula 1 team, part of a space tourism company and AED5 billion of land in Abu Dhabi, part of a drive to become a major property developer in the emirate.
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