NYC Chrysler building sold for $800 million

The Chrysler building, an Art Deco icon of the New York City skyline, has sold to a fund controlled by Abu Dhabi for $800m.

[youtube]n-E45_EoQKI[/youtube] 

The building, completed in 1930 for the automotive company Chrysler, was briefly the tallest building in the world. The Abu Dhabi Investment Council, a sovereign wealth fund controlled by the oil-rich sheikdom paid $800m for the 77-story building, Bloomberg reported. The seller was a fund managed by Prudential Financial and the sale was finalized yesterday.

Bloomberg pointed out that it is the second sale of a major New York tower to a Middle Eastern buyer in as many months. The General Motors Building was sold to a consortium that included a Dubai fund last month.

But the NY Times points out that the Abu Dhabi fund only acquired a 75 precent stake in the tower.

Despite having only a minority holding, Tishman Speyer Properties will continue to control the property, much as it has since 1997. That is because it controls the land beneath the 77-story tower with the stainless steel crown, gargoyles and elevator cabs that evoke the chrome laden autos of years gone by.

San Diego County real estate blog