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Arab investment group bidding for Chrysler Building

Trainspotter

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Arab investment group bidding for Chrysler Building

BY LORE CROGHAN and DAVE GOLDINER

DAILY NEWS STAFF WRITERS

June 12th 2008

alg_chryslerbuilding.jpg

Tama/Getty

The Chrysler Building is seen reflecting in a nearby building on Wednesday.

 

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."

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Brighton Local

Brighton Local 703

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Well at least if they decide to fly planes into it, they would be hurting their own pockets this time.........

 

 

In My opinion, Its the lives they want to destroy, not really the money. But then again, you do make a point.

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DOB2RTO

DOB2RTO 29

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In My opinion, Its the lives they want to destroy, not really the money. But then again, you do make a point.

 

Lives depend on money these days. That is why the went for The World Trade Center. Kill alot of people, and financially cripple the U.S.A........

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