Why a New York real estate firm’s valuation will soar in a decade

A New York-based real estate company has sold its $1.6 billion stake in a luxury home that once belonged to the family of New York City Mayor Rudy Giuliani.

Gambrills, which owns the luxury mansion in Midtown Manhattan, had previously sold its stake in the property in December, but it was unclear whether the sale had been completed at the time.

The company, which has a $6 billion valuation, said Wednesday that it had received approval from the city to complete the sale.

The sale comes just months after Gambrill was named the largest U.S. real estate investor in 2016 by the S&P 500.

It has an equity stake of $2.9 billion.

Gambrovill and his family have a long-standing stake in two of the most sought-after New York mansions in the city, the $7.9 million West Village penthouse at 6 World Trade Center and the $5.5 million penthouse in the Waldorf Astoria.

The billionaire businessman, who has been criticized for the city’s housing crisis, owns the Waldorff Astoria for $5 million, while the Astoria penthouse is worth $3.6 million.

Related Post