Arabs buy the Chrysler Building

[Jimmypoo]

http://www.yahoo.com/s/914725

[NewtonMP2100]

. . .oh I thought you said Ahab. . .

[Will Collier]

What was the joke back in the '80's? "The Japanese will never be able to buy Manhattan--the Arabs would never sell it to them."

[NewtonMP2100]

. . .a few years ago. . .wasn't there a big to do about.. .I think Japanese buying Rockefeller Plaza. .. or something like that. . .

[MacMagus]

The Abu Dhabi Investment Council Investment Council purchased a 75% stake in the building from Prudential Financial Inc., for $800 million dollars.

Who owns the other 25 percent?

Edit: 'Just found out. The rest is owned by Tishman Speyer Properties, a NY investment firm... so while it's a minority interest, New Yorkers still own a chunk of the building.

Edit2: Some sources are reporting that the ADIC acquired a 90% stake in the building, including most of Tishman's shares. Which is correct?

Edit3: Ouch! The 90% figure is correct.
http://online.wsj.com/article/SB12156144...lenews_wsj

[blooz]

If they are looking to buy in America, I have a nice riverfront property in Cummington i could let go for half a mil.

[Mr Downtown]

Why is this news? Many, many large city skyscrapers are owned by overseas pension funds, insurance companies, and investors.

[davester]

[quote Mr Downtown]Why is this news?
Because it's popular these days to demonize arabs. Jimmypoo's just stoking the fires.

[Will Collier]

[quote NewtonMP2100]. . .a few years ago. . .wasn't there a big to do about.. .I think Japanese buying Rockefeller Plaza. .. or something like that. . .
Indeed they did, for an exorbitant price. After the Japanese economy tanked in the '90's, it was sold back at a very substantial loss.

[the_poochies]

That's okay. Europeans own the rest of Manhattan, thanks to the crappy US Dollar.