How much will a 75 percent stake in a priceless New York landmark cost you? About $800 million. That’s how much the Abu Dhabi Investment Council is in negotiations to pay for a majority ownership of the Chrysler Building. According to the Post, the Middle Eastern group is buying the entire share owned by the investment group TMW. The remaining 25 percent of the building is owned by Tishman Speyer, which manages the tower and just re-upped the lease for another 105 years. This comes just on the heels of news that Boston Properties has partnered with Kuwait and Qatar to purchase the GM Building in midtown. Isn’t that kind of sweet? These booming Arab countries can afford to build bigger, newer, better versions of every one of New York’s buildings, but they still bother to invest in us. It’s almost…patronizing.
Chrysler Building on the Block [NYP]
Related: The Emir of NYU [NYM]