Mukesh Ambani buys building in New York City for ₹153cr
What's the story
Mukesh Ambani, India's richest man, has acquired a building in New York City's Tribeca neighborhood for $17.4 million (approximately ₹153 crore). The property at 11 Hubert Street had been vacant for a decade. It was previously owned by tech billionaire Robert Pera, who had bought it in 2018 for around $20 million but never built the planned mansion on it.
Development potential
Details of Tribeca property
The building, which Ambani's US arm Reliance Industries Limited (RIL USA) has acquired, was previously owned by Pera, the founder and CEO of Ubiquiti Networks. After buying it in 2018, Pera had hired architect Eric Cobb to design a 17,000-square-foot mansion on the site. However, the plans were never realized. In 2021, he listed the site for $25 million as an "exceptionally rare offering for an end user to build a single family mansion in an A+ location."
Real estate transactions
Ambani sold a 2-bedroom condominium for $9M in 2023
Ambani's latest property purchase follows the sale of his two-bedroom condo in downtown NYC for $9 million. The apartment, which offered views of the Hudson River, was located in Manhattan's West Village. The sale was reported by the New York Post in August 2023.