Goldman Sachs Group have just bought 230 Park Avenue, New York for $1.15 billion from a property investment fund owned by Dubai’s government.

Istithmar World Real Estate sold the property to Goldman’s Whitehall Fund and Monday Properties, the Dubai-based company.

The 172-meter tall 230 Park Avenue building, also known as the Helmsley Building and having 35 floors, originally served as headquarters of the New York Central railroad companies.

Istithmar had acquired the building in November 2005 for $705 million.

This isn’t the first one sold by Istithmar, as just last month they sold 280 Park Avenue for US$1.35 billion.

Although they weren’t keen on selling these two prime properties so soon, the chairman had quoted, “market conditions created an unusual opportunity.”