Abu Dhabi fund snaps up NY's Chrysler Building

0 Comments | AFP, July, 2008

NEW YORK (AFP) — The cash-rich Abu Dhabi Investment Council has bought one of New York's best-known skyscrapers, the Chrysler Building, for a heady 800 million dollars, sources close to the deal said Wednesday.

Despite a sharp downturn in the US housing market in recent years, bidding for landmark New York properties has remained sky-high, showing investors still covet prestigious Manhattan properties.

The deal's price tag means the Middle East fund paid over 10 million dollars for each floor of the iconic 77-story Art Deco skyscraper which is situated in "Midtown" opposite Grand Central station.

Media reports had said the Abu Dhabi Investment Council, an investment fund based in the United Arab Emirates (UAE), had been holding negotiations with a subsidiary...