Originally Posted by 425hpChargerSRT8
where did you find this info? id like to read more about it.
I heard about it just this morning [about an hour and a half ago] on the Fox News Channel aka FNC . by Stewart Varney whom I believe is their European /Foreign Business Correspondant ! I'll have to 'see' if I can find out more. I don't recall FNC showing a picture of The Chrysler Building ,but seem to recollect it is architecturally unique/interesting {unless it's another Chrysler building?} ! UPDATE - Y-ahhh, y-ahhh ,here :
Tama/Getty
The Chrysler Building is seen reflecting in a nearby building on Wednesday.[ I haven't found a real good/quality picture yet;so this 'Tama/Getty image will do for now]
An Arab investment group is bidding for the
Chrysler Building, which could become the latest
New York icon snapped up by oil-rich foreigners,
sources said Wednesday.
The cash-happy
Abu Dhabi Investment Council is in talks to buy a 75% stake in the Art Deco treasure for some $800 million.
Real estate giant
Tishman Speyer Properties owns the other 25% of the midtown landmark, but it is trying to unload part of its interest to the Arab group.
Tishman Speyer would continue to run the building with its distinctive crown, which shimmers in the
Manhattan skyline.
So-called sovereign funds like the
Abu Dhabi Council like to buy stakes in buildings rather than acquire them outright, said
Ron Cohen of
Cushman & Wakefield.
"They have large sums of money and want to diversify their investments," Cohen said. "They're looking for a place to park dollars."
Just last month, the GM Building and three other properties were sold for nearly $4 billion to a group of investors, including the wealth funds of
Kuwait and
Qatar and
Boston Properties.
But before you get too riled up about the sale, the Chrysler Building stake that
Abu Dhabi wants to buy is owned by a German investment firm.
Some workers at the Chrysler Building were outraged the iconic landmark could wind up in Arab hands.
"I think it's an American landmark so it shouldn't be sold to a foreign company," said
Margaret Rosado, 56, who works in the building on E. 42nd St. "Why are they even considering it?"
Joanna Rosa marveled at how many tourists come by to gawk at the 78-year-old skyscraper, which critics rank as one of the jewels of the Art Deco era.
"It should stay as a New York landmark," she said.
Others shrugged off the sale as a normal business deal.
"It's free enterprise," said
Don Edgar, 61, a stockbroker. "Anyone here can buy anything they want."
Maintenance man
John Harte joked that he would've bought the joint if he had that kind of cash.
"I don't care," said Harte
, 62. "I'll still be working here."
dgoldiner@nydailynews.com
With Kristen Brown Credit for this article shall go to these NY Daily News reporters :
BY LORE CROGHAN and DAVE GOLDINER
DAILY NEWS STAFF WRITERS
Wednesday, June 11th 2008, 11:49 PM To see more or read a very "lively" discussion [which states some of my own opinion] ;here's a link -
Arab investment group bidding for Chrysler Building