News Summary
Mukesh Ambani, Asia’s richest businessman, has acquired a vacant building at 11 Hubert Street in Tribeca for $17.4 million. Prior owner, Robert Pera, initially aimed to develop the property into a luxurious residence but never moved forward with his plans. Following this acquisition, expectations rise for Ambani’s future development, known for his extravagant projects such as Antilia in Mumbai. The move has evoked mixed reactions online, reflecting diverse opinions on wealth and property ownership in NYC.
New York City – Mukesh Ambani, Asia’s richest businessman, has completed the acquisition of a vacant building located at 11 Hubert Street in Tribeca for $17.4 million (approximately ₹153 crore). The transaction was finalized by Reliance Industries Limited’s US arm, RIL USA, on a recent Saturday.
The property was formerly owned by tech entrepreneur Robert Pera, who had purchased it for around $20 million in 2018 with plans to transform it into a luxurious residence. However, these plans were never carried out, and after holding onto the property for three years, Pera decided to sell it. Initially listed in 2021 for $25 million with approved conversion plans, the building remained vacant for about five years before Ambani’s acquisition.
Ambani’s recent purchase follows a notable transaction in August 2023, when he sold a two-bedroom condo in downtown New York City for $9 million. This condo, located in Manhattan’s West Village, featured views of the Hudson River.
Details of the Property
The Tribeca building was designed by NYC-based architect Eric Cobb, who had envisioned a luxurious 17,000 square foot residence. Cobb’s proposed plans included a full-floor primary suite with an adjoining workspace, an NBA-sized half basketball court, a double-height living room with courtyard access, and a formal dining room with a bar. The estate was also set to feature seven bedrooms, around 5,000 square feet of outdoor space, and an Olympic-sized swimming pool.
Ambani’s Development Plans
Ambani is recognized for his ambitious residential projects, including the 27-story “Antilia” in Mumbai, which sets high expectations for the future development on the Tribeca site. Those familiar with Ambani’s previous projects anticipate a significant and luxurious conversion of the new property, though specific plans have not yet been disclosed.
Background on the Previous Owner
Robert Pera, the previous owner, is the chairman and CEO of Ubiquiti. He had initially commissioned the property plans from both Eric Cobb and Maya Lin Studios but ultimately did not execute them before deciding to sell.
Financial Context
According to the Bloomberg Billionaires Index, as of September 1, 2025, Mukesh Ambani’s net worth is estimated at $97.9 billion, making him the 18th wealthiest person in the world. His primary source of wealth comes from Reliance Industries, a conglomerate operating across the oil, telecommunications, and retail sectors.
The reaction to Ambani’s purchase on social media has been mixed, with some users applauding the acquisition as a sign of success and others criticizing it as a display of wealth disparity.
As Ambani embarks on this new real estate venture, the Tribeca neighborhood is poised to see yet another transformation that aligns with his reputation for opulent and large-scale developments.
Deeper Dive: News & Info About This Topic
HERE Resources
Additional Resources
- Hindustan Times
- Wikipedia: Mukesh Ambani
- Mashable India
- Encyclopedia Britannica: New York City
- Financial Express
- Google Search: Mukesh Ambani New York property
- Live Mint
- Google News: Mukesh Ambani real estate
Author: STAFF HERE NEW YORK WRITER
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
