U.S. Architectural Jewel Sold To Abu Dhabi

Chrysler Building, A Fixture Of NYC Skyline, Bought By Abu Dhabi Investment Fund

(AP)  An Abu Dhabi investment fund has bought a 75 percent stake in the Chrysler Building, one of the best-known landmarks on the city skyline.

The Abu Dhabi Investment Council, one of the world's largest sovereign wealth funds, closed the sale with Prudential Financial Inc. on Tuesday, Prudential spokeswoman Theresa Miller said Wednesday.

Miller wouldn't disclose the sale price, which many published reports placed at $800 million. Prudential held its stake in the building on behalf of a fund of primarily German investors that had closed in the past couple of years, she said.

A telephone message left Wednesday at the Abu Dhabi council wasn't immediately returned.

New York's Tishman Speyer Properties, which owns the remaining stake in the 77-story, Art Deco skyscraper and will continue to manage it, declined comment Wednesday.

Middle Eastern investors have jumped into the city's slow commercial real estate market twice in the past two months to buy big stakes in landmark skyscrapers. A Dubai-based private equity firm helped finance developer Boston Properties' $2.8 billion purchase in May of the General Motors Building and three other office towers.

The 1,046-foot Chrysler Building briefly became the world's tallest tower when it opened in 1930, until the Empire State Building topped it by over 300 feet when it was completed a year later.

New York City architect William Van Alen designed the brick office tower with its iconic, crescent-shaped spire for the automaker Chrysler Corp., decorating lower setbacks with sculptures modeled after Chrysler radiator caps and wheels. It is the city's third-tallest skyscraper.

Prudential, based in Newark, N.J., took on ownership of the tower when it acquired Atlanta-based TMW Real Estate Group in 2002. The company had bought its stake in the tower for about $300 million a year earlier.

[chatarpatar]

AMERICA IS FOR SALE.... it is just the matter of how rich a buyer is.

(and make no mistake that there ARE buyrs who are way richer then American)

[godseyesore-2009]

America has ALWAYS been for sale. For ill or not, it is the basis of the system.

[berniepeders]

Our enemies don''t need to defeat us in a military operation, they can merely buy up all of our properties and, voila, we become part of THEIR nation. This scares the c-r-a-p out of me. We''re doomed.

[anecdote1]

Chrysler building seller to buyer:

Here''s the keys. You may have to pump the gas a few times to get it started. It uses a little oil. You''ll wanna to get the brakes checked soon too.

[anecdote1]

This shouldn''t be that big of a surprise. Didn''t we already sell the white house and capital building?

[newsjunky5]

Hey, if they knock down the Empire State Building next then they''ll have the tallest building in town.

[newsjunky5]

"Our enemies don''''t need to defeat us in a military operation, they can merely buy up all of our properties and, voila, we become part of THEIR nation. This scares the c-r-a-p out of me. We''''re doomed."

---------------------------------------


Not that simple. We freeze assets of our shooting enemies. The damage could be financial, and insidious.
But also consider they payed into our economy to buy it.

[Gary Kempf]

This shouldn''''t be that big of a surprise. Didn''''t we already sell the white house and capital building?


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Posted by anecdote1


Actually I think Bush just used them as collateral for the loan from China, I heard last week a lot of Chinese Bank reps were taking measurements around the White house and Capital buildings for the new owners.

[newsjunky5]

Maybe we can steal it back, after cashing the check. Bush is good at that sort of thing. Why can''t we use his evil for good, instead of evil?

[newsjunky5]

I wouldn''t worry until they try to disassemble and move it.

[Gary Kempf]

Maybe we can steal it back, after cashing the check. Bush is good at that sort of thing. Why can''''t we use his evil for good, instead of evil?


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Posted by newsjunky5

Well, They say you can''t fix stupid!

[anecdote1]

"Chrysler Building, A Fixture Of NYC Skyline, Bought By Abu Dhabi Investment Fund"

I''d check to make sure it didn''t have a salvage title before I''d buy any Chrysler.

[harpoot]

USA is a bargain basement at the moment. They''ll probably build a minaret on top to call New Yorkers to prayer.

[ubrew12]

Thanks to the $10 trillion Reagan/Bush debt, the dollar is in the trash bin, and America''s new call to the rest of the world is ''hey, meester, you want to buy my seester?''

[kphx]

Thanks to the $10 trillion Reagan/Bush debt, the dollar is in the trash bin, and America''''s new call to the rest of the world is ''''hey, meester, you want to buy my seester?''''


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Posted by ubrew12 at 10:34 AM : Jul 10, 2008

Good One.

[jjp735i]

Does America own any of it''s own property anymore?

[anecdote1]

Does America own any of it''s own property anymore?
Posted by jjp735i at 10:48 AM

Iraq.

[Gary Kempf]

It is sad, I would not be surprised if we hear in the short term future that Yellowstone or the Grand Canyon
were up for sale.

[deacon20081]

Bush was prevented from giving his Arab Pals the US PORTS so he let''s them have Sky Scrapers!

[missingamerica]

t is sad, I would not be surprised if we hear in the short term future that Yellowstone or the Grand Canyon
were up for sale.

Posted by navpro at 10:55 AM : Jul 10, 2008

I would not worry about that unless and until the Republicans figure out a way to permit mining and oil drilling in our national parks - and even then, not until those resources are played out.

[Gary Kempf]

ibsteve2u
Maybe there still hope for us.

[ubikvalis2]

Over a trillion dollars a year is flowing out of this country due to our staggering trade and government debts. Middle Eastern nations and China and others buy this up and once they use the dollars to buy the oil they need, they would rather buy real assets than sit on steadily depreciating dollars. So our nation''s assets are being sold one by one, until we own nothing.

[harpoot]

"Bush was prevented from giving his Arab Pals the US PORTS so he let''''s them have Sky Scrapers!"

Well, if they own them they''re probably less likely to fly planes into them - unless they''re well insured of course.

[wardoglrs]

And if you think that''s bad just wait when you all find out just how much them Arabs own in real estate land and development. The Bin Ladens 2% of the USA

[nothappyatall]

So our nation''''s assets are being sold one by one, until we own nothing.

Posted by UbikValis2

Only one problem, this building was PRIVATELY OWNED, they have the right to sell their building to whomever has the cash to pay the purchase price. Since no AMERICANS were willing to cough up $800 million + to bid against the Arabs, they acquired the building.

I don''t like it either but that''s real estate.

[ubikvalis2]

Posted by newster1

I don''''t like it either but that''''s real estate.

The problem is not the buying and selling of real estate, or Arabs owning the Chrysler building. The problem is that eventually we will no longer own our own assets. This nation has gone from the greatest creditor to the biggest debtor nation in the world. This is a symptom of the problem, not the problem.

[anecdote1]

"Chrysler Building, A Fixture Of NYC Skyline, Bought By Abu Dhabi Investment Fund"

Maybe they''ll give it to Al Queada for target practice.

[Marie Zarankevich]

I wonder which one will buy the flag, when IT goes up for auction? -- What CAN we be thinking? -- Or are we? -- It''s really NOT all about money, folks. -- No matter how it looks, and it looks really bad about now. -- This is just all wrong, and we all know it.

[anecdote1]

Easy...thats my zipcode I work in! The target should be pointed it towards Crawford, TX
Posted by
Posted by zoe2006 at 12:28 PM

Sorry. I like your target better too.

[loneeagle57]

since the arabs own this building can we fly their airplanes into it and show them what it''s like? No offense to those who work there

[buttonjockey]

Well, if the Bush Administration couldn''''t sell out US
Ports, this was the next best thing! Selling the US
piece by piece.

Yep. Most of our mining claims are already foreign owned. Many of our water rights as well. This country is being sold out from under us. Will we be asked to leave one day?

[yongamerica]

The Bush and Cheney''s oil policies have sold out the American public to oil producing countries and oil companies. Now the Bush and Cheney''s economical policies have sold out American landmarks and large corporations to foreign investors.
BOHICA!

[docpeter-2009]

think we can get the people with offices there to move out and leave the building empty?

May be possible with the cost of gas. No one can afford to go downtown to work anymore.

[trakkerorl]

You were right. This is Capitalism at its finest. No loyalty to their Country; the only thing that matters is profit. Since the Arabs now have a significant amount of wealth and eager to invest it, American companies and entrepreneurs are pleased as punch to sell out the assets of the Country, for as little as 30 pieces of silver.

[candojj]

Viva la Vida!

[dchu76]

What a vicious cycle, Americans give gas profits to Foriegners, Gas price increase, costing more to spend in america, devaluing the dollar, thus making it cheaper for foriegners to buy american stuff.

[lochlan-2009]

"Miller wouldn''t disclose the sale price, which many published reports placed at $800 million"

Didn''t Larry Silverstein get $7billion from the insurance company for the WTC. Only cost him $15million down (on a 100 year lease) to get that $7,000million a few months later, after he specifically requested protection from terrorists flying airplanes into the building.

[kuei12]

Why didn''t they just buy the Statue of Liberty, or the White House? Oh that''s right, Saudi Arabia already bought the White House.

[jtdev1]

There is another piece of property for sale:

1600 Pennsylvania Ave.
Washington, DC

(and the people in it have been for sale for a long time now)

[kuei12]

"What the world is coming to!!!!"


The world is coming to america for the great flea market.

[dvldog5]

Bad thing is, we americans have been doing this to other countries for many decades, now that uncle bush has made us look bad to the eyes of the world and taken us almost,if not,into a depression,they are getting even

[detta269]

In 50 years everything major building and major landmark in America will belong to someone from a foreign. I don''t know why we are constanly trying to defend a country that we''ve been selling bit by bit every year.

[colorguru-2009]

So does that make it a safer place to live now?

[loneeagle57]

In 50 years everything major building and major landmark in America will belong to someone from a foreign. I don''''t know why we are constanly trying to defend a country that we''''ve been selling bit by bit every year.

Posted by detta269 at 04:03 PM : Jul 10, 2008
_____________________
and soon everything will be marked "made in china" oh wait...

[cdfoxtrot1]

I can just see the neocons. getting yellow cake all over their pants with this one.

[cdfoxtrot1]

In 50 years everything major building and major landmark in America will belong to someone from a foreign. I don''''t know why we are constanly trying to defend a country that we''''ve been selling bit by bit every year.

Posted by detta269

Why does it matter who owns it? Would you be so upset if it were a Brit?

[fstop100]

One small step for man.....oh that was before.

[stevex47]

Whats the name of that family in saudi arabia the Boosh''s have made billions with? hmmmm.....

[demwatcher]

Not suprising with (D) Spitzer as the Governor of New York.

He had the power to stop it, yet did NOTHING.

Hail to the Liberals, Foresakers of America.

[thgdriver]

I don''t give a rats patoot who own it or any other building. How much you pay for office space is governed by location, location, location.

The Chrysler family sold it long ago.

We should hope they buy up some urban slums and fix them up too, the big city''s don''t or won''t do it so why not?