New York's Chrysler Building Bought by Abu Dhabi
July 9 (Bloomberg) -- New York's Chrysler Building, the Art Deco icon that helps define the New York skyline, was bought by an Abu Dhabi sovereign wealth fund, the second purchase of a Manhattan landmark by Middle East investors in as many months.
The skyscraper at 405 Lexington Ave., the world's tallest building until 1931, was acquired yesterday by the Abu Dhabi Investment Council for an undisclosed price. Last month a Dubai fund, Boston Properties Inc. and Goldman Sachs Group Inc. paid $2.8 billion for the General Motors Building.
Abu Dhabi, Kuwait and other Persian Gulf countries flush with oil revenue have taken advantage of falling prices to invest in real estate and financial companies around the world. Middle Eastern investors have spent $1.8 billion this year on commercial property in the U.S., more than other international buyers, according to Real Capital Analytics Inc., a New York-based property research firm.
``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.
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