An Abu Dhabi investment fund has bought a 75% share of the Chrysler Building. I notice that it was a German company (albeit a subsidiary of an Atlanta firm) that did the selling.
I know such things are nothing to worry about. Foreign owners of American properties are not a novelty, and not inherently threatening. Twenty-five years ago the Japanese seemed to be snapping up all the real estate in the country.
But the Chrysler Building, and the Arabs… I mean, well, jeez…
Abu Dhabi Fund Buys Chrysler Building
New York, July 10 — One of Manhattan’s favourite symbols, the Chrysler Building, the 320-metre high Art Deco masterpiece designed by architect William Van Alen and inaugurated in 1930, ended up under the control of a sovereign fund of the Gulf.
The weak dollar, the stable New York real estate market and most of all the expensive oil (with the American who pays around four dollars per gallon, a true nightmare for the USA) which is filling up its strongboxes, have seduced the Abu Dhabi Investment Council. It is the richest in the world and several months ago intervened to save ailing Citigroup with an investment of USD 7.5 billion.
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As the New York Post anticipated last month (and as other sources also confirmed later) the fund of the emirate has paid USD 800 million for a 75% stake. The offer was for the stake held by TMW Immobillien, the German subsidiary of an investment fund from Atlanta, Georgia.
Chrysler Building’s previous owners also included Fondo Michelangelo, specialised in real estate and belonging to Italian group Sorgente, with a 27.5% of the controlling stake. Now the remaining 25% remains in the hands of the U.S. real estate giant Tishman Speyer which also managers the skyscraper.
Hat tip: insubria.