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Abu Dhabi-backed Carlyle to sell New York block

570 Seventh Avenue property in Time Square commands $162mn price tag

Picture for illustrative purposes only.
Picture for illustrative purposes only.

The Carlyle Group, the US private equity firm in which Abu Dhabi’s Mubadala Development Company owns a 7.5% stake, is part of a deal to sell a Time Square New York office block for $162mn, according to reports in the US.

The building at 570 Seventh Avenue is owned by The Carlyle Group and US real estate equity firm Capstone Equities and is being sold to real estate trust American Realty Capital, The Real Deal New York real estate website reported.

The $162mn price tag for the 167ft2 property in Manhattan is nearly double the $83mn Carlyle and Capstone paid for the property in July 2013.

Carlyle Group was founded in 1987 and currently has assets totalling around $31.5bn. Abu Dhabi wealth fund Mubadala bought its 7.5% stake the company in 2007.

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