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.
Abu Dhabi is the largest of the seven sheikdoms that make up the United Arab Emirates.
This hit me a little wierd, so I decided to share the story with you, to see what you thought. This building is apart of American history and I belive it should belong to America. At least we know this building will not be flown into.
Completed in 1930, the Chrysler Building is a distinctive symbol of New York City, standing 1,048 feet (319 m) high on the east side of Manhattan at the intersection of 42nd Street and Lexington Avenue. Originally built for the Chrysler Corporation. The Chrysler Building was the first structure in the world to surpass the 1,000 foot (305 m) threshold. Despite being overtaken by the Empire State Building as the tallest building in the world during the 1930s, the Chrysler Building is still the tallest brick building in the world.
VIA Bloomberg
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