First the GM Building, Now New York's Chrysler Building Bought by Abu Dhabi

steinravnik · 07-09-2008, 12:18 PM

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.

http://www.bloomberg.com/apps/news?p...cf8&refer=home

Kennyboy · 07-09-2008, 01:59 PM

Are they going to change the name to Abu Laden Building now?

GMusa · 07-09-2008, 02:12 PM

why does the U.S. allow itself to contiue to be own by foreigners?! It makes me sick. This isnt even America anymore.

**Ming** · 07-09-2008, 02:15 PM

Quote:

Originally Posted by steinravnik

``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.

Huh? I thought that purchasing the biggest SUV possible and guzzling as much gas as your Freedom allows was the way to "Keep America Rolling" / "Keep the Economy Growing", and was the true Patriotic thing to do? Get a big American flag magnet put on the tailgate of your mega pickup you drive to your desk job - that sort of thing?

Ah, but we should be happy that the Middle Easterners are "investing" in our properties, and not just building mega towers and artificial islands in Dubai. So we should buy more oil to thank them!

And to think that instead, the long-haired greenies in their old diesel Chevettes running on french fry oil are actually the ones protecting America as we know it....

Dirk Wiggler · 07-09-2008, 02:17 PM

Quote:

Originally Posted by Kennyboy

Are they going to change the name to Abu Laden Building now?

Won't matter. New Yorkers will still call it the Chrysler Building.

JerryL · 07-09-2008, 02:17 PM

I just saw the discussion about this purchase on CNN....very depressing indeed .

vcs2600 · 07-09-2008, 02:22 PM

I don't think the Chrysler Corporation has had anything to do with this building for decades.

BigThreeForever · 07-09-2008, 02:29 PM

Sign of the times.

A solvent country buys up the assets of an insolvent one.

Look for LOTS more of the same in the coming years.

Maybe we can pay off our titanic debts to China and Japan by selling them Hawaii and Alaska, sometime around 2020. Don't scoff . . . it, or something like it, cannot be excluded.

Productive, confident, virile cultures will always dominate weak, flabby, unproductive cultures. And that is what we have become, y'all.

Crappy and depressing, but true.

Butz · 07-09-2008, 02:33 PM

I don't see how this is 'bad' news, this is good news! someone is actually willing to invest in a slowing economy..

chrisnyc1213 · 07-09-2008, 02:37 PM

As long as they don't touch a thing on that gorgeous Art Deco masterpiece, I'm fine with it.

I'd hate to find out that they gutted the lobby or something. Then I'd say that we all pitch in and buy it back.

wescoent · 07-09-2008, 02:47 PM

Quote:

Originally Posted by BigThreeForever

Sign of the times.

Maybe we can pay off our titanic debts to China and Japan by selling them Hawaii and Alaska, sometime around 2020. Don't scoff . . . it, or something like it, cannot be excluded.

.

I'd love to see China or Japan try to collect on that debt. What are they going to do.. re-possess?

Ambalanche · 07-09-2008, 02:49 PM

Sorry for my ignorance, but what GM building was sold? I thought GM owned the Ren Center outright....

Chaz_23 · 07-09-2008, 02:51 PM

Oh c'mon. Congressmen and Senators are for sale to foreign agents (and anyone else who can afford them) and you are worried about some old building.

wescoent · 07-09-2008, 02:52 PM

Quote:

Originally Posted by Ambalanche

Sorry for my ignorance, but what GM building was sold? I thought GM owned the Ren Center outright....

The REAL GM Building.

In Manhattan, GM built an enormous skyscraper, and on the ground floor was a showroom with all the brands.

It's been a sort of "prize" to be acquired by the big names in real estate.

BGH · 07-09-2008, 02:52 PM

I don't see what so depressing. American companies are all over the world buying assets. Better have money coming into your country than no money at all. Would you like it better if they took the oil money and bought things in China?

07-09-2008, 12:18 PM	#1 (permalink)
steinravnik 6.0 Liter Vortec V8 Join Date: Mar 2003 Location: Eckington, Washington, DC Drives: 2007 Nissan XTerra Offroad Posts: 1,591	First the GM Building, Now New York's Chrysler Building Bought by Abu Dhabi 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. http://www.bloomberg.com/apps/news?p...cf8&refer=home __________________ You call yourself the Moral Majority We call ourselves the people in the real world You say, 'God loves you. Come and buy the Good News' Then you buy the president and swimming pools If Jesus don't save 'til we're lining your pockets God must be dead if you're alive Circus-tent con-men and Southern belle bunnies Milk your emotions then they steal your money It's the new dark ages with the fascists toting bibles Cheap nostalgia for the Salem Witch Trials Dead Kennedys

07-09-2008, 01:59 PM	#2 (permalink)
Kennyboy 5.3 Liter Vortec V8 Join Date: Apr 2005 Location: Long Beach, CA Drives: Caddy CTS Posts: 1,349	Re: New York's Chrysler Building Bought by Abu Dhabi Are they going to change the name to Abu Laden Building now? __________________

07-09-2008, 02:12 PM	#3 (permalink)
GMusa 6.0 Liter Vortec V8 Join Date: Mar 2007 Location: U.S.A!!! Drives: 08' Lancer Evo MR Posts: 1,558	Re: New York's Chrysler Building Bought by Abu Dhabi why does the U.S. allow itself to contiue to be own by foreigners?! It makes me sick. This isnt even America anymore. __________________ -JD

07-09-2008, 02:17 PM	#6 (permalink)
JerryL 3.5 Liter V6 Join Date: Mar 2008 Location: Miami Drives: Audi,VW.....14 former Camaros Posts: 204	Re: New York's Chrysler Building Bought by Abu Dhabi I just saw the discussion about this purchase on CNN....very depressing indeed .

07-09-2008, 02:22 PM	#7 (permalink)
vcs2600 6.0 Liter Vortec V8 Join Date: Apr 2006 Posts: 1,639	Re: New York's Chrysler Building Bought by Abu Dhabi I don't think the Chrysler Corporation has had anything to do with this building for decades.

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07-09-2008, 02:29 PM	#8 (permalink)
BigThreeForever 3.5 Liter V6 Join Date: Sep 2005 Location: Middle TN Drives: 1996 Silverado, 1990 Grand Marquis, 1994 Caprice W Posts: 259	Re: First the GM Building, Now New York's Chrysler Building Bought by Abu Dhabi Sign of the times. A solvent country buys up the assets of an insolvent one. Look for LOTS more of the same in the coming years. Maybe we can pay off our titanic debts to China and Japan by selling them Hawaii and Alaska, sometime around 2020. Don't scoff . . . it, or something like it, cannot be excluded. Productive, confident, virile cultures will always dominate weak, flabby, unproductive cultures. And that is what we have become, y'all. Crappy and depressing, but true. __________________ All presidential candidates should be forced into a lengthy tour of the cities of Detroit and Flint before they announce their trade and industrial policies.

07-09-2008, 02:37 PM	#10 (permalink)
chrisnyc1213 1.8 Liter ECOTEC Join Date: Dec 2005 Posts: 43	Re: First the GM Building, Now New York's Chrysler Building Bought by Abu Dhabi As long as they don't touch a thing on that gorgeous Art Deco masterpiece, I'm fine with it. I'd hate to find out that they gutted the lobby or something. Then I'd say that we all pitch in and buy it back.

07-09-2008, 02:49 PM	#12 (permalink)
Ambalanche 5.3 Liter Vortec V8 Join Date: Jan 2003 Location: Pensacola, Florida Drives: '07 Corvette Z51 Posts: 1,305	Re: First the GM Building, Now New York's Chrysler Building Bought by Abu Dhabi Sorry for my ignorance, but what GM building was sold? I thought GM owned the Ren Center outright.... __________________ GM better hope the Volt is a runaway success, because *all* the eggs are in that basket!

07-09-2008, 02:51 PM	#13 (permalink)
Chaz_23 6.0 Liter Vortec V8 Join Date: Jan 2007 Posts: 1,593	Re: First the GM Building, Now New York's Chrysler Building Bought by Abu Dhabi Oh c'mon. Congressmen and Senators are for sale to foreign agents (and anyone else who can afford them) and you are worried about some old building.

07-09-2008, 02:52 PM	#15 (permalink)
BGH 3.8 Liter Supercharged V6 Join Date: Apr 2006 Posts: 672	Re: First the GM Building, Now New York's Chrysler Building Bought by Abu Dhabi I don't see what so depressing. American companies are all over the world buying assets. Better have money coming into your country than no money at all. Would you like it better if they took the oil money and bought things in China?

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