Abu Dhabi to buy NY's Chrysler Building
The Abu Dhabi Investment Council is negotiating to buy a 75 percent stake in New York City's landmark Chrysler Building for $800 million, the New York Post reported on Wednesday.
The paper cited sources as saying the assets would be purchased from TMW, the German arm of an Atlanta-based investment fund.
Sources told the Post that the Abu Dhabi Investment Council would also get part of the skyscraper's Trylons retail space next door and that Tishman Speyer would remain in charge of the building, with the Abu Dhabi fund essentially acting as a silent partner.
The agreement would follow last month's deal in which a group led by Boston Properties Inc would buy the GM Building and three others from Macklowe Properties for $3.45 billion.
The Post said investors in that deal included the wealth funds of Kuwait and Qatar. (Reuters)
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Posted by M Bucci, Maine, USA on 12 June 2008 at 14:20 UAE time
Architect Van Alen called his facade treatment a "Middle- or Far Eastern" pattern. Van Alen was never paid by Walter P. Chrysler and, due to the Depression, never worked on another major project.
Chrysler Corp was bought and then sold (in May 2007) by Daimler, and its magnificent icon to the Automobile Age - the Chrysler Building - was built during America's first Great Depression. It now might be sold to a citadel of oil-wealth - Abu Dhabi Investment Council - on the heels of the sale of the GM building to an investor group that includes the sovereign wealth funds of Kuwait and Qatar.
I feel there is no error in judgement in selecting these particular landmark buildings to purchase at a time when America is hearing echoes of the 1930s slowly pacing closer each passing day. Echoes due partially to these buyers. This is irony. This is satire. This is iconoclastic. This is an insult.