India’s wealthiest businessman, Mukesh Ambani, has expanded his global property portfolio with the purchase of a long-vacant Tribeca building for $17.4 million, marking another significant step in his overseas investments.

The Reliance Industries chairman and his company’s US arm, RIL USA, finalised the acquisition of 11 Hubert Street, a property that has stood empty for nearly a decade despite several ambitious redevelopment plans.

Storied history of 11 Hubert Street

The Tribeca site has a storied history. Originally purchased by tech billionaire Robert Pera, chairman and chief executive of Ubiquiti, for around $20 million in 2018, it was once earmarked to become one of Manhattan’s most lavish single-family homes. Pera commissioned architect Eric Cobb to design a 17,000-square-foot mansion featuring a basketball court, a double-height living room, and a formal dining area with a bar. That vision, however, was never realised.

In 2021, Pera listed the property along with approved designs from both Cobb and Maya Lin Studios. The latter’s plans imagined a 20,000-square-foot residence with seven bedrooms, an Olympic-size swimming pool, and expansive outdoor space. Marketed for $25 million, the site was described as “an exceptionally rare offering for an end user to build a single family mansion in an A+ location in the heart of TriBeCa.” Despite the sales push, the property remained vacant until this month’s purchase.

The RealDeal reported that Ambani’s purchase price of $17.4 million came in below the seller’s original acquisition cost. For Ambani, it represents not only a competitive acquisition in one of Manhattan’s most exclusive neighbourhoods but also the chance to shape another landmark residence.

Ambani’s real estate portfolio

Ambani, whose business empire spans energy, retail, and telecommunications, is no stranger to headline-making real estate moves. In August 2023, he sold a two-bedroom Manhattan apartment in the West Village for $9 million. The residence, overlooking the Hudson River, had been part of his New York holdings since 2021.

Ambani’s move adds another high-profile property to his name at a time when his interests increasingly extend beyond India’s borders. While it remains unclear whether he will pursue Cobb’s or Lin’s plans, expectations are high that the development will be substantial, in keeping with his reputation for scale and ambition. His 27-storey Mumbai residence, Antilia, has long stood as one of the world’s most expensive private homes.

For now, Ambani has not disclosed his plans for 11 Hubert Street. However, should he proceed with either of the existing architectural visions, the property could emerge as one of the most talked-about luxury mansions in New York City, further cementing his status as one of the most influential global property buyers.