Abu Dhabi in New York

Aabar Investment

's

, a block away from

Central Park

, the

Russian Tea Room

and

Carnegie Hall

. Here is the story from earlier this week.

One interesting detail is its proximity to

Jumeirah Essex House

, an old high-end hotel that was purchased by

Dubai Investment Group

in 2005. The new Aabar building, which is being developed by NYC developer

Extell

, will tower over the all the surrounding buildings in the area and offer views of Central Park. Having these two landmark buildings next to each other will be a testament to the UAE's increasing role in owning and managing luxury properties around the world.

Much of the Gulf investment in property is focused in London right now, but analysts say that more New York City deals could be on the horizon as business picks up there.

The new Aabar-Extell project will rise nearly 80 stories, featuring high-end apartments, offices and a hotel. The design is by French architect Christian de Portzamparc, who was behind such radically new structures as the

LVMH Tower

in New York and the

Lille Tower

in France.