Results tagged “bought”

The New York City Economic Development Corporation has reached a deal to buy the roughly one acre of parcel of land occupied by Deno’s Wonder Wheel kiddie park in Coney Island. Gowanus Lounge has the press release from the NYCEDC with details about the purchase, which is part of the city's controversial plan to rezone 12 acres of amusements as parkland and turn the management over to a "world class operator." Last May the Vourderis family, which owns the Wonder Wheel ride and other amusements, worried the city would force them to turn over control of the landmark Ferris wheel. UPDATE: The Village Voice stresses that the deal is for the kiddie park adjacent to the Wonder Wheel property, which the Vourderis family still owns. Now they will lease the property for the kiddie park through 2020. “We are delighted with the news that the city … will be our landlord,” said Dennis Vourderis in a statement.

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.