New York / Mumbai, September 14, 2025 — Mukesh Ambani, chairman of Reliance Industries and India’s richest man, has purchased a building in New York City’s Tribeca neighborhood, paying $17.4 million (approx ₹153 crore) for the property, according to multiple reports.
The acquisition was made through RIL USA, the U.S. arm of Reliance Industries. The property is located at 11 Hubert Street, Tribeca. It had been vacant for nearly ten years, though previous owners had submitted ambitious development plans.
🏢 What We Know About the Property
- The building was formerly owned by tech billionaire Robert Pera, founder of Ubiquiti, who purchased it in 2018 for about $20 million.
- Architect Eric Cobb had been engaged to transform the site into a large luxurious residence (roughly 17,000 sq ft) featuring various high-end amenities. But the plans were never realized.
- Another design from Maya Lin Studios had also been approved, envisioning a mega-mansion. That too did not come to fruition.
- The 11 Hubert building is described as a unique development site in an “A+ location” in Tribeca, given its history and size.
💡 Strategic Significance
- This move marks Ambani’s continued interest in global real estate investments, especially in high-value U.S. markets.
- Buying a property with such development potential offers options: renovate, convert, or possibly redevelop, depending on market trends and regulatory approvals. Tribeca remains a prized location in NYC for luxury residences.
- The purchase follows Ambani’s earlier sale of a Manhattan condo in West Village in August 2023 for $9 million. The new property represents a much more significant investment in terms of potential and scale.
📊 What This Means for Ambani & Real Estate Markets
- Financial Impact: The $17.4 million investment is modest relative to Ambani’s net worth but shows diversification of assets beyond core businesses.
- Real Estate Value: Tribeca real estate is expensive, especially for properties with redevelopment potential. Such purchases often reflect confidence in urban luxury housing and mixed-use demand.
- Regulatory & Design Challenges: Converting or developing vacant industrial sites in NYC involves navigating local zoning, preservation board approvals, and heritage considerations. Planned grand designs (such as those by Maya Lin) may be constrained by these factors.
✅ Bottom Line
Mukesh Ambani’s acquisition of 11 Hubert Street for $17.4 million underscores his group’s interest in high-value global properties. The building’s location, past approved plans, and vacant status make it a strong candidate for redevelopment or luxury conversion. For the real estate market, especially in neighborhoods like Tribeca, this signals continued investor confidence in premium NYC real estate, even for overseas buyers.