The Chrysler building, an Art Deco icon of the New York City skyline, has sold to a fund controlled by Abu Dhabi for $800m.The building, completed in 1930 for the automotive company Chrysler, was briefly the tallest building in the world. The Abu Dhabi Investment Council, a sovereign wealth fund controlled by the oil-rich sheikdom paid $800m for the 77-story building, Bloomberg reported. The seller was a fund managed by Prudential Financial and the sale was finalized yesterday.
The graceful tower overlooks the corner of 42nd Street and Lexington Avenue in Manhattan. It is beloved for the upper stories' ornamental arches and the stylised eagle sculptures that jut out from near the top of the tower, as if keeping watch over the city.
Middle Eastern investors have spent $1.8bn this year on commercial real estate in the US, more than other international buyers, Real Capital Analytics, a New York-based property research firm, told Bloomberg.
Two years ago furore erupted when Dubai Ports World sought to buy a London company that operated six shipping ports on the east coast of the US. The deal died over national security concerns.
Foreign acquisition of New York landmarks isn't a new phenomenon. In May, a consortium of US interests and Kuwait and Qatar the General Motors building and three other midtown towers for $3.95bn.In 1989 Japanese investors bought Rockefeller Centre, a suite of buildings home to NBC, General Electric and other high-profile companie
No comments:
Post a Comment