Abu Dhabi — Mubasher: Abu Dhabi's Mubadala Investment Company has acquired a stake in New York’s Park Lane Hotel for around $140 million.

The deal is part of the US Justice Department’s efforts to recover billions of dollars that flowed through Malaysia’s scandal-plagued 1MDB investment fund, Bloomberg News reported late on Wednesday.

Abu Dhabi's state investor transferred the amount of the deal to the US government on 10 December 2018, while the sale was made possible a month earlier.

The US Justice Department had been seeking to seize almost $1.7 billion in assets it says were illegally acquired through money diverted from 1MDB, the New York-based news agency said.

Sitting on Central Park South between Fifth and Sixth avenues near Manhattan’s Billionaires’ Row, the Park Lane Hotel was developed in 1967 by the late billionaire Harry Helmsley.

On Tuesday, Mubadala sold its 34.9 million shares in US chipmaker Advanced Micro Devices (AMD). 

Abu Dhabi's strategic investment firm sold its stake in AMD for $800 million, with plans to covert 75 million shares warrants in the company, representing around 6.9% stake in the California-based firm