Buyer Misses $100 Million Deposit Deadline for Manhattan Landmark

Motasem Khashoggi, a member of a prominent Saudi family, failed to meet a Tuesday deadline to provide a $100 million deposit required to purchase the historic Pierre hotel in Manhattan. The missed deadline marks a setback for the deal that had been driven by IAC founder Joey Lutnick, who was pushing the transaction forward.

The Pierre, an iconic New York property, has been the focus of intense negotiations, with Khashoggi positioned as the prospective buyer. The inability to deliver the deposit has halted progress on the sale, leaving the future ownership of the landmark uncertain.

Industry observers note that the collapse of the deposit arrangement could have broader implications for high‑value real‑estate transactions involving foreign investors, especially amid heightened scrutiny of large capital flows into U.S. assets.

Why It Matters

The incident highlights the challenges foreign investors face in completing large U.S. real‑estate deals, a topic of interest for investors and policymakers in the United States and Europe.