Mukesh Ambani, Chairman of Reliance Industries Limited (RIL) and India’s wealthiest businessman, has acquired a property in New York City’s Tribeca neighborhood for $17.4 million. The building, located at 11 Hubert Street, was purchased through RIL USA, the American arm of his conglomerate, according to a report by The Real Deal.
The acquisition adds to Ambani’s global real estate footprint and comes two years after he sold a Manhattan condominium for $9 million. That two-bedroom apartment, situated in the West Village, overlooked the Hudson River and had been Ambani’s base during his visits to the U.S.
The building at 11 Hubert Street has a history of ambitious but unrealized redevelopment plans. Its previous owner, Robert Pera, founder and CEO of Ubiquiti and owner of the NBA’s Memphis Grizzlies, bought the property in 2018 for around $20 million. Pera had initially filed plans with architect Eric Cobb to transform the former industrial structure into a 17,000-square-foot single-family mansion.
Those plans included a full-floor primary suite, a half basketball court, and a double-height living room with courtyard access. Another design proposal, prepared by Maya Lin Studios, envisioned a 20,000-square-foot home with seven bedrooms, a half-Olympic pool, and more than 5,000 square feet of outdoor space. However, neither plan was executed, and the building remained vacant for nearly a decade.
In 2021, Pera listed the property, along with the approved redevelopment designs, for $25 million. Despite the premium location and flexible plans, the property remained unsold until the recent purchase by RIL USA.
Ambani’s purchase highlights a continuing trend among Indian business leaders to acquire trophy real estate assets in major global cities. Tribeca, in Lower Manhattan, is known for its mix of historic warehouses converted into luxury residences and its reputation as one of New York’s most expensive residential neighborhoods.
The deal price of $17.4 million represents a discount compared to the $20 million Pera paid in 2018, and significantly below the $25 million asking price in 2021. Industry analysts suggest that Ambani’s global business presence, particularly in technology, retail, and energy sectors, makes such acquisitions strategic for both investment and personal use.
The purchase adds to a pattern of global real estate acquisitions by Ambani and his family. In addition to his flagship residence Antilia in Mumbai, the family owns properties in London, Dubai, and other global hubs. These acquisitions often serve both personal and corporate functions, hosting business gatherings and accommodating international travel.
For Tribeca, the sale of 11 Hubert Street marks one of the neighborhood’s notable high-value transactions of 2025. The site continues to carry potential for redevelopment into a large-scale luxury home, should Ambani pursue plans similar to those previously proposed.
New York’s high-end property market has experienced cycles of correction and growth over the past decade. While the pandemic initially slowed international interest, the luxury segment has since stabilized, with buyers from Asia and the Middle East contributing significantly. Ambani’s purchase reflects renewed global investor confidence in prime U.S. urban real estate.
Real estate brokers describe the property as “an exceptionally rare offering,” with its size and location making it suitable for a flagship residence. Its proximity to Hudson River Park, SoHo, and the Financial District enhances its long-term value.
Ambani’s earlier exit from New York real estate in 2023, when he sold his Manhattan condo, was seen at the time as a sign of consolidation. The new acquisition suggests a reversal, highlighting his continued engagement with the city as a global business center.
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