Chrysler Building Acquired by Middle East Group

An Abu Dhabi sovereign wealth fund has acquired the Chrysler Building from a fund managed by Prudential Financial Inc. for an untold sum. It was learned last month that the Abu Dhabi group was considering buying a majority stake in the 1930 skyscraper for $800 million; Bloomberg news is now reporting that the deal is done. Middle Eastern investors have spent $1.8 billion this year buying commercial property in the U.S., more than other international buyers. “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.

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By John Del Signore in News on July 9, 2008 5:45 PM

Comments [rss]

interlard

How about WE put windmills on our buildings, put up a few palm trees and stop buying the freakin' oil?

Just sayin'.

Headzo

Anyone else think this quote is hilarious in its utter stupidity?

“We're sending our money their way to purchase oil, and that money is coming back and buying our assets”

Let's see... buying $800million worth of oil and blowing through it in 3 days or buying a huge piece of manhattan real estate... which is the better investment?

lanciano

It's hard to beleive that 90% of the venerable Chrysler Building is only worth about 800 park slope 1-bedroom apartments.

What is this world coming to?

ANGRYGOD11

I remember the angst when the Rockefellers' sold Rockefeller Center to the Japanese. They got the money and the Japanese investors got stuck with a high interest mortage the rents didn't cover and failed.

ottoemezzo

America for sale!

NannyState

They could dismantle it and rebuild it in Abu Dhabi in the middle of a huge palm frond shaped man made island in the Persian gulf and attach wind turbines to its sides....or they could just jack up the rents.