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Qatar has put its Beekman Place townhouse in Manhattan on the market for $32m, slightly below the $35m purchase price paid in 2013, reported the Wall Street Journal.
This sale marks a notable moment in Qatar’s extensive involvement in New York’s real estate market, as it had purchased the property during a decade of real estate investment expansion, in New York.
The six-story townhouse at 21 Beekman Place was acquired as an official state residence for Qatar by Sheikh Hamad Bin Khalifa Al Thani before the transfer of power back in 2013. Listed by Les Meyers and Carl Gambino of Compass, the property reflects a sophisticated blend of historical charm and modern luxury, as per the report.
Beekman Place
Built around 1910, the 7,300-square-foot property boasts five bedrooms, two terraces, and a rooftop garden.
It’s renowned for being the former home of prominent landscape designer Ellen Biddle Shipman, who operated her business from this address in the early 20th century.
Although most original features from the Shipman era are gone, the house retains classic elements such as oak floors in a chevron pattern, a grand curved staircase, and five wood-burning fireplaces. Other highlights include a pine-paneled library with a reading nook and a parlor-level conservatory with treetop views.
Les Meyers noted that the previous owner had already completed significant restoration work, and Qatar has maintained the property in pristine condition. The corner location allows for ample natural light to flood the space, enhancing its appeal.
The shifting landscape of luxury real estate
Despite the lower listing price, Meyers pointed out that the luxury market has softened since Qatar’s purchase in 2013, partly explaining the reduced asking price. For instance, a nearby townhouse recently sold for $27.5m, significantly less than its original $49.9m asking price.
Qatar’s decision to sell is influenced by a change in their residential needs, seeking a “more full-service environment.” Whether they have purchased another property remains undisclosed.
Qatar’s broader New York real estate ventures
Qatar’s real estate ventures in New York are vast and varied.
In 2013, alongside acquiring the Beekman Place townhouse, Sheikh Hamad also purchased a $48.5m townhouse at 22 East 71st Street. These acquisitions were part of a broader strategy initiated by Sheikh Hamad bin Khalifa Al Thani in 2002, when Qatar bought the historic Lycée Français buildings for $26m.
Among Qatar’s notable properties is the mansion at 7-9 East 72nd Street, a large single-family residence.
In recent years, Qatar’s investments have expanded to iconic hotels and commercial properties.
In 2017, they purchased the mortgage of the Plaza Hotel, and in 2018, the hotel was acquired by Katara Hospitality, a Qatari government-owned company. Katara subsequently bought the dream downtown hotel. In 2019, the Qatar Investment Authority (QIA) acquired the St. Regis hotel for $310m and, in 2023, invested $623m in the Park Lane Hotel on Central Park South.
Additionally, the QIA partnered with Crown Acquisitions in 2020, acquiring a 24 per cent stake in a portfolio of Manhattan properties, including prime retail spaces on Fifth Avenue and Times Square.
Before the signing of the deal, Mansoor al-Mahmoud, chief executive of QIA said, “This investment underlines QIA’s ambition to substantially increase our US investments over the coming years, and our belief in the exciting long-term possibilities offered by New York City.
Qatar’s decision to list the Beekman Place townhouse at a lower price underscores both the changes in the luxury real estate market and its ongoing strategic shift in property investments.
With an estimated 10 million square feet of holdings in Manhattan and being the top foreign investor in New York City in 2023, Qatar continues to play a significant role in shaping the city’s real estate landscape.
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