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.
This follows closely on the heels of the recent purchase by a partnerneship including Dubai-based Meraas Capital of another New York landmark, the General Motors Building:
Boston Properties said its partners in the $2.8 billion purchase of New York’s General Motors Building include Dubai private equity firm Meraas Capital, newswire Bloomberg reported on Tuesday.
The involvement of Meraas Capital reflects the increased interest by oil rich Middle Eastern funds in US property, especially New York real estate, an analyst told the newswire.
Of course, the crown jewel in the Arab Real Estate portfolio is an out-of-the-way single-family-home, on 1600 Pennsylvania Ave. in Washington DC. They bought that shit about 8 years ago. But rumors on the internet say it might be for sale again. Just a matter of who has enough cash to pay the asking price.
Tags: 1600 pennsylvania ave, abu dhabi investment council, bloomberg, boston properties, capital newswire, chrysler, chrysler building, general motors, japanese, Oil, OMG, private equity firm, washington d.c., ZOMG