NYC’s Park Lane Hotel Stake Sold as Part of 1MDB Recovery


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  • Thursday, 07 Feb 2019

NEW YORK (Bloomberg): A stake in New York’s Park Lane Hotel has been sold to an Abu Dhabi sovereign wealth fund as part of the U.S. Justice Department’s efforts to recover billions of dollars that flowed through Malaysia’s scandal-plagued 1MDB investment fund.

Roughly $140mil (RM572mil) for the interest in the hotel, which sits on Central Park South between Fifth and Sixth avenues near Manhattan’s Billionaires’ Row, was transferred to the U.S. government around Dec 10, said Thom Mrozek, a spokesman for the U.S. Attorney’s office in Los Angeles. A representative for the buyer, Abu Dhabi’s Mubadala Investment Co., declined to comment.

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