CHRYSLER BUILDING ON THE BLOCK, SOVEREIGN ARAB FUND TO PAY $800M

[sweet baby jesus]

Source: NY Post



June 11, 2008 --

The latest Big Apple trophy being coveted by oil-rich sovereign wealth funds is the landmark Chrysler Building.

Sources say the super-rich Abu Dhabi Investment Council is negotiating an $800 million deal for a 75 percent stake in the Art Deco treasure that has defined the Midtown skyline since 1930.

The Chrysler assets would be purchased from TMW - the German arm of an Atlanta-based investment fund that's been eager to cash out of its Chrysler stake.

The deal follows last month's sale of the GM Building and three other Macklowe/Equity Portfolio properties for $3.95 billion to a group of investors including the wealth funds of Kuwait and Qatar and Boston Properties.

As part of the Chrysler deal, sources said the Abu Dhabi Investment Council would also get part of the skyscraper's signature Trylons retail prize next door.

(snip)

Sources say the deal would leave Tishman Speyer in charge of the building, with the Abu Dhabi fund essentially acting as a silent partner.

Abu Dhabi has also partnered with Tishman Speyer in other deals around the world, sources said. Since TMW and Tishman Speyer sold 666 Fifth Ave. to Kushner Companies for $1.8 billion last year, the Atlanta group began informing the real estate community that it was ready to cash out in the landmark Chrysler Center, as well.



Read more: http://www.nypost.com/seven/06112008/business/chrysler_bldg__on_the_block_115016.htm

[bdamomma]

1. sold to the highest bidder.

the country is being sold off.

[OhioChick]

8. Sure is. n/t

[slackmaster]

2. Jeez, I hope they don't paint the exterior all funny colors

Put in gold curtain rods and white curtains, etc.

[sweet baby jesus]

3. nice...

:rofl:

[navarth]

4. "A capitalist is someone who will sell you the rope to hang him with"

Gonna get me a Hummer mmm hmmm

[eowyn_of_rohan]

5. ...

:puke:

[asjr]

6. Say it ain't so Joe!

[chinadoll815]

7. Nothing like an in the tank dollar

to promote the selling off of our country. While the repugnicans are busy trying to scare the pants off people about terrorism destroying our country, noone seems to notice their policies are simply allowing it to be bought. An economic war is so much more effective, and neater.....

[pokercat999]

9. I really don't see the big deal here. It's not like they're

going to dismantle the building and take it "home". Who cares and WHY would they care, which rich person or company owns this building?

[Occulus]

12. It's just a national architectural treasure, after all.

No big deal.

(WTF IS IT with so many people ho-humming shit like this? Selling off ownership of our landmarks to foreign owners is a VERY big deal!!)

[pokercat999]

14. Why? Please give me a good reason why it is a "big deal".

[Occulus]

22. I already did

It's a national architectural treasure. It doesn't matter that they're not going to tear it down, it doesn't matter that they're not going to move it, or anything of the sort. It's a little like selling the Golden Gate bridge, the Statue of Liberty, or the Washington Monument, and if you don't see a problem with selling it to any foreign owner, polite words fail me.

And unfortunately for a couple of other posters on this thread who are seeing racism where it's not, I'd feel exactly the same if it were a Canadian or a Brit offering to buy. Skin color and particular nationality have zero to do with my reaction to this, and it's offensive to me to factor race into the equation at all.

[pokercat999]

29. The pieces of property you use for an example are

government owned and should never be sold without the peoples express permission but the building in question is PRIVATE PROPERTY. I don't care how old it is or how odd/nice it looks it's private property and the owners should be able to sell it to the highest bidder or bidder of their choice. Being a little bit like the GGB, WM and S of L is like being a little pregnant, it isn't possible.

I'm glad race or nationality had nothing to do with your perspective and I'm sure after a little thought you might even agree that the owners of private property have a natural right to sell to the buyer of their choice except for very limited circumstances where housing is involved and laws have been passed in an effort to prevent discrimination.

[polticalpout]

16. Are they going to tear it down? Why shoud I care what mega rich corporation owns it? /nm

nm

[pokercat999]

17. Kinda makes you wonder would anyone be objecting if

it was a French, German or UK person or Corp that was buying it. Would there be a problem? But let those brown or yellow people mess with our immovable objects and all hell breaks loose, At least that's how it appears.

[The Stranger]

19. It does appear that way, doesn't it.

[Occulus]

23. I'd like to bring up the fact that race doesn't factor into my opposition at all

I'd be just as offended, as I said above, if it were anyone from any other country except ours.

[pokercat999]

25. Please explain why you take offense, if you can.

Really I'm trying to understand why someone would object to a person from another country owning property in the US. Would you support a law prohibiting foreign nationals from owning any property in th US and why?

[Occulus]

27. Stop putting words in my mouth. I never mentioned owning property in general,

nor am I obtuse enough to suggest that. I'm saying that selling off this specific piece of property to any foreign owner is akin to selling off any other treasured construction such as the others I described, and that the current owner should have made a better effort to find an American buyer. I'm saying that icons have an intrinsic value above and beyond their monetary value, and that selling off such an icon as this is a massive loss to all of us.

I'm done explaining my take on this to you. If you don't get it by now, you never will.

[tpsbmam]

21. From an emotional point of view....

there are certain areas, buildings and landmarks in NYC that are iconic and parts of our lives if we grew up in NYC. As a kid, just some of these for me were FAO Schwarz, Serendipity, City Center (where I saw the NYC Ballet "Nutcracker" every Christmas with my grandmother), Central Park (especially the bridal path & carousel....and playgrounds), Grand Central Station, the old Madison Square Garden (where I took ice skating lessons), the Flatiron Building, the Plaza (that is mostly condos now),,,,and the Chrysler building. As a practical matter it may mean little but as an emotional matter, they mean a lot. The Plaza is still here, but it's not the same. There's a new Madison Square Garden, but it's not the same. The Chrysler Building will still be there ad still be beautiful, but it's just not the same.

The Chrysler Building was completed only about 6 years after my father was born in NYC. It was a very different time and place. He grew up with it briefly being the tallest building in the world and certainly it stood head and shoulders over much of the city at that point. And we grew up with it, again in a very different time. I always loved the building so much that, a couple of years ago when I saw a set of crystal candlesticks that reminded me of the building's architecture, I bought them and use them all the time -- they remind me of home every time I use them.

Not sure I can really explain it. It's sort of like selling City Center to foreigners is selling off a little piece of the history I shared with a very special grandmother. I'll hopefully never lose the memory of our annual Serendipity/Nutcracker day but knowing that the building that housed our memory might one day be for sale to the highest foreign bidder just makes it a little different, perhaps cheapening an over-idealized memory (though nothing can truly touch my memories of that lady).

Okay, I didn't explain that well at all -- I know what it feels like in my heart but it just isn't coming out in any way that makes sense to a rational mind. :P

[leftynyc]

26. To this fellow New Yorker

You explained it every well. I'm not happy this is going to a foreign buyer. And for those who think it's just because an Arab country is buying it, kiss my ass.

[ben_meyers]

10. Maybe the Abu Dhabi Investment Council should ask

the Japanese how all their investments in US real estate worked out for them in the 80's. I remember cries of the selling of America then too. It took 10 years for the Japanese economy to recover. What is Abu Dhabi going to do, move the Chrysler Building to their country?

[ret5hd]

11. Well, i'll tell you what it does mean:

It (and other deals like this) is going to fuel the inflation fires...there is now $800M more in circulation that was parked in some foreign fund somewhere. All that money that we've paid for oil over the years is going to start flooding back. The more the dollar devalues the faster the current owners of those dollars feel they have to spend it. What are we gonna do, refuse to accept u.s. dollars? And the faster it returns into circulation, the more inflation there is.

[pokercat999]

15. Guess you're right the next time I go to buy a $800m

building it could have climbed all the way to $880,000,000 and I'll have to pass it up.

[ret5hd]

18. Well, seeing as you think inflation only affects $800M buildings...

instead of the things you DO buy:

[polticalpout]

20. The Fed can raise interest rates as money returns to counter inflation

But it's going to take a lot more $800 million purchases to effect the economy as a whole and cause them to do that.

[and-justice-for-all]

13. When will they start buying entire states? nt

[DBoon]

24. Sovereign fund? That's SOCIALISM!

You think the right wing would be all over this nationalization of private property.

Now what is that deafening silence I hear?

[Blaq Dem]

28. I hope they don't have anything destructive in mind.

The Bin Laden family has enough wealth to buy up American realestate. People should think twice before selling off America.

[Indenturedebtor]

30. Why buy it if you're going to blow it up?

Seriously who cares?

And furthermore we're in collusion with rich Arabs. They are one of the reasons that we like to go mucky mucking around in the middle east. The Rich Arabs get to blame us for their problems while they screw their own people, our Rich get to blame the Arabs for our problems while the Rich here screw us.

Lovely cycle no?