New York's Chrysler Building Bought by Abu Dhabi Fund

[HCE SuiGeneris]

New York's Chrysler Building Bought by Abu Dhabi Fund
By David M. Levitt
http://www.bloomberg.com/apps/news?pid=20601087&sid=aACZuFPo8cf8&refer=home

July 9 (Bloomberg) -- New York's Chrysler Building, the Art Deco icon that helps define the New York skyline, was bought by an Abu Dhabi sovereign wealth fund, the second purchase of a Manhattan landmark by Middle East investors in as many months.

The skyscraper at 405 Lexington Ave., the world's tallest building until 1931, was acquired yesterday by the Abu Dhabi Investment Council for an undisclosed price. Last month a Dubai fund, Boston Properties Inc. and Goldman Sachs Group Inc. paid $2.8 billion for the General Motors Building.

Abu Dhabi, Kuwait and other Persian Gulf countries flush with oil revenue have taken advantage of falling prices to invest in real estate and financial companies around the world. Middle Eastern investors have spent $1.8 billion this year on commercial property in the U.S., more than other international buyers, according to Real Capital Analytics Inc., a New York-based property research firm.

``We're sending our money their way'' to purchase oil, ``and that money is coming back and buying our assets,'' said Dan Fasulo, market analysis director at Real Capital.

[LSK]

1. that is my favorite Skyscraper

Sad where we are in this country right now.

[HCE SuiGeneris]

3. My favorite American Building as well. It's a fire sale, apparently...

x(

[OmmmSweetOmmm]

8. I adore the Chrysler Building and worked in it for 7 years. I had my own office on the 48th floor

overlooking the East River. There was never a day in those 7 years that I didn't appreciate its beauty.

[madokie]

2. Will there be anything left come january '09?

[ben_meyers]

4. Why, are they going to move the building?

What difference does it make who owns it, they just bought it from a German outfit.

[northzax]

7. remember when a Japanese company bought Rockefeller Center?

it's still there, I think.

But read 'unbuilding' by David Macaulay for the other option.

[HCE SuiGeneris]

5. Just corn husks and drought-stricken farmland...

[Captain Hilts]

6. Totally UNcool! I wish Jack Kent Cooke were still alive and still owned it...

As the US's tallest 'first lady' AND a New Yorker, I have a soft spot for tall NY things - I think this stinks!

ER

[OmmmSweetOmmm]

10. When I worked there, I was a bookkeeper in a law firm & the rent checks were made out to JKC Realty.

[Phillycat]

11. As well as my Redskins...

[Captain Hilts]

16. Yes! JKC owned my favorite skyscraper and my favorite football team!

I'll never forget his response to being asked if he was going to attend the reception for Chuck and Di at the British Embassy OR the late-season game between US and THEM - you know who - and he said, "You've GOT to be kidding me!"

[Phillycat]

9. OMG! Jesus Christ, it's a fucking fire sale.

[zbdent]

12. remember the outrage of the Japanese buying up Hawaii

a while back?

[HCE SuiGeneris]

13. and Pebble Beach...

How many of our toll roads are now owned by foreign interests...

[RB TexLa]

14. Foreign investment is a good thing. You want them to not spend money here?

[blm]

15. Aren't we all GLAD that Dubai and Saudi royals involved in BCCI were protected throughout the 90s

along with Poppy Bush and other powerful elite cronies?

Thanks Bill. How ya spending the tens of millions Dubai has been putting in your bank account?