Abu Dhabi fund snaps up NY's Chrysler Building
NEW YORK (AFP) — The Abu Dhabi Investment Council has bought the landmark New York skyscraper, the Chrysler Building, for 800 million dollars, sources close to the deal said Wednesday.
Media reports had said the Abu Dhabi Investment Council, an investment fund based in the United Arab Emirates, had been holding negotiations with a subsidiary of Prudential Financial Inc. over its 75 percent stake in the renowned Art Deco building.
"We have sold our stake of 75 percent on Tuesday," Prudential spokeswoman Theresa Miller said.
The 77-story Chrysler Building, one of New York's best-known skyscrapers, is 25-percent owned by Tishman Speyer Properties, a privately held New York real estate firm.
The secretive Abu Dhabi Investment Council has over 800 billion dollars of assets under management and made a 7.5-billion-dollar investment in Citigroup, one of America's biggest financial institutions, last November.
It is managed by the largest emirate in the oil-rich UAE.
The fund does not usually publicize its operations. UAE media reports say it recently reformed itself into the Abu Dhabi Investment Council having previously operated as the Abu Dhabi Investment Authority.
The Chrysler Building, which was designed by the architect William Van Alen, was erected between 1928 and 1930 and was New York's tallest building until its skyward reach was surpassed by the Empire State Building.
Deep-pocketed UAE investment groups have purchased and sold a number of high profile New York buildings in recent years.
The Chrysler Building and its extensive office space was originally constructed for the Chrysler car company.
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