Abu Dhabi corporation has bought the Chrysler Building in NYC..

[SoCalDem]

hhttp://www.bloomberg.com/apps/news?pid=20601087&sid=aACZuFPo8cf8&refer=home

New York's Chrysler Building Bought by Abu Dhabi Fund (Update1)

By David M. Levitt

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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[NMDemDist2]

1. ironic isn't it? the oil money is buying the automobile company's icon buildings

sigh

[dipsydoodle]

2. Surely the whole point about the petrodollar recycling agreement

is that they can only be re-invested within the USA. Not quite sure that this is what they had mind so I guess its just a chicken come home to roost.

Beautiful building that one - I love seeing it in documentaries on the subject.

[snappyturtle]

3. Makes me sick to hear this. nt

[hendo]

4. How so?

Were you sick to hear when the Japanese bought Pebble Beach in the 80s?

[Romulox]

5. Haha! You're a RACIST if you oppose globalism.

That's what you're implying, no?

:eyes:

[hendo]

6. No

I was wondering if the issue here was that an american landmark was purchased by foriegn investors, or that those investors happened to be middle eastern. Or, if it was strictly anti-globalism.

There are many reasons to oppose the sale, I just wondered where the poster was going with that.

[Romulox]

7. They called anyone suspicious of the Japanese buying NYC landmarks "racist" in the 80s, too.

So I think the "'cause they're middle-easterners" argument is a non-starter.

[hendo]

9. not quite

there was quite an assault on the Japanese buying American landmarks, and some of it was tied to racism sure, but a lot of it wat tied to other factors.

[Romulox]

10. And so too here. nt

[hendo]

12. which is why i wanted clarification. nt

[pampango]

13. I remember that in the eighties there seemed to be more concern

about the Japanese buying American landmarks than there was about the British buying an American oil company (British Petroleum buying SOHIO).

[mnhtnbb]

8. We're selling our country--bit by bit--to the highest bidder.

[blues90]

11. Yes they are and that's the sad and sorry part.

[bronxiteforever]

14. Kick