The real estate and construction boom, as well as the talent pool, has boosted New York City to the No. 1 spot for starting a small business in the U.S.
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Singapore sovereign wealth fund GIC and Paramount Group have formed a joint venture to acquire office tower "60 Wall Street" in downtown Manhattan for $1.04 billion.
The JV, in which GIC has a 95 percent share, is paying $640 per square foot for the 47 storey tower that also serves as the U.S. headquarters of Deutsche Bank, a joint statement said.
GIC, which is among the more established real estate investors in the world, has more than 350 property-related investments in over 40 countries.
These include investments in the Time Warner Centre in New York and assets in the United Kingdom, Japan and Australia.