The Next President 2008 Message Board

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Politics : The Next President 2008

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To: Kenneth E. Phillipps who wrote (2955)	6/11/2008 6:18:33 PM
From: puborectalis	of 3215

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. Tishman Speyer Properties owns the remaining 25 percent stake in the Chrysler Building and operates the landmark at 405 Lexington Ave., along with the Trylons and the newer next door neighbor at 666 Third Ave.

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