PDA

View Full Version : Two NYC Landmarks Being Sold to Foreigners


Matt Molnar
2008-06-11, 10:24 AM
The Chrysler Building is about to be sold to Abu Dhabi. No, not a guy from Abu Dhabi, but an investment fund owned by the government. http://www.nypost.com/seven/06112008/bu ... 115016.htm (http://www.nypost.com/seven/06112008/business/chrysler_bldg__on_the_block_115016.htm)

Plus, the Flatiron Building has been sold to an Italian investor. http://www.time.com/time/business/artic ... 98,00.html (http://www.time.com/time/business/article/0,8599,1813198,00.html)
PhilDernerJr
2008-06-11, 02:24 PM
Wow, when you said landmarks, I was not expecting it to be those two. :(
lijk604
2008-06-11, 03:24 PM
Holy Crap! That just doesn't seem right. Could you imagine a US Company buying a building in Abu Dhabi?
Most likely they would not allow it.
bonanzabucks
2008-06-11, 04:06 PM
Expect to see a lot more of this if oil stays high and the dollar keeps going down. US assets are so cheap for overseas investors at the moment. Kinda reminds me of what happened in the 80's with the Japanese buying up everything. Wonder if it will eventually have the same ending too...
wunaladreamin
2008-06-11, 04:22 PM
Expect to see a lot more of this if oil stays high and the dollar keeps going down. US assets are so cheap for overseas investors at the moment. Kinda reminds me of what happened in the 80's with the Japanese buying up everything. Wonder if it will eventually have the same ending too...No kidding. The Japanese took a lot! Don't they own the Empire State Building too?

Typical and Disturbing.
PhilDernerJr
2008-06-11, 04:23 PM
Wonder if it will eventually have the same ending too...

You mean that economic boom we experienced in the 90s? That would be great.
Matt Molnar
2008-06-11, 04:25 PM
No kidding. The Japanese took a lot! Don't they own the Empire State Building too?
No, it was sold by the Helmsleys a couple years ago but I think Americans bought it. The Japanese do own Rockefeller Center. Probably only a matter of time before an emir picks up ESB as a vacation home, though.
bonanzabucks
2008-06-11, 05:02 PM
Wonder if it will eventually have the same ending too...

You mean that economic boom we experienced in the 90s? That would be great.

The Japanese economy went bust in the late 80's and has more or less suffered a recession since then. Same is possible with oil. If the bubble pops, these sheiks are going to lose a lot of money and those "sovereign investment funds" will be penniless. Which might, in turn, lead to a hot economy here...
Matt Molnar
2008-06-11, 05:08 PM
The only way the bubble is popping for those guys is when the oil runs out.
moose135
2008-06-11, 05:20 PM
The Japanese took a lot! Don't they own the Empire State Building too?

No "they" don't. It was purchased in 1991 by Japanese billionaire Hideki Yokoi. Following his death, his daughter sold a share of the building to Donald Trump in 1994. In 2002, Empire State Building Associates, the investor group led by real estate mogul Peter Malkin re-pruchased the building. Despite changes in ownership, ESBA has held a long-term lease on the building since 1961 (which continues through 2076). ESBA actually owned the building for one day in 1961 - they purchased the building and immediately sold it to Prudential Life Insurance, who then leased it back to ESBA. In terms of day-to-day operation of the building, nothing much changed over the years.

While the stature of the buildings involved make the deals noteworthy, this is simply another result of our current economic situation. A weak dollar, a depressed real estate market caused by a poor economy, foreign investors flush with money to invest...not really surprising to see. How many foreign visitors are we seeing in NY these days, traveling here to make purchases because of the current exchange rate? This is not much different, just on a larger scale. If the situation was reversed, and a group of American investors purchased buildings in another country, I don't think we would see much made of it. I know this is before many of you were born, but in 1971, an American investor bought the London Bridge, and moved it to Lake Havasu City, AZ. I don't expect the new owners to move the Chrysler Building any time soon.
T-Bird76
2008-06-12, 04:27 PM
What's the problem.....? It’s a privately owned building, it’s for sale...someone buys it that's how the process works I don't see the problem? No offense but drop this protectionist BULLCRAP guys... This isn't the 1930's anymore...we are in a global economy and its time to act like it. If you were selling your house and someone from the UAE came to the U.S and bought it I'm sure none of you would have trouble selling it to them and please don't tell me you wouldn't...

These buildings are privately owned and the owner has the right to sell them to whoever they wish. There is nothing wrong with this transaction from a moral standpoint. Any of you take a look at the construction going on in Dubai? I'd welcome the UAE to start similar projects here in the U.S.
Fly1346
2008-06-12, 10:56 PM
What's the problem.....? It’s a privately owned building, it’s for sale...someone buys it that's how the process works I don't see the problem? No offense but drop this protectionist BULLCRAP guys... This isn't the 1930's anymore...we are in a global economy and its time to act like it. If you were selling your house and someone from the UAE came to the U.S and bought it I'm sure none of you would have trouble selling it to them and please don't tell me you wouldn't...

These buildings are privately owned and the owner has the right to sell them to whoever they wish. There is nothing wrong with this transaction from a moral standpoint. Any of you take a look at the construction going on in Dubai? I'd welcome the UAE to start similar projects here in the U.S.


Amen
stuart schechter
2008-06-12, 11:52 PM
God Bless Tommy. Thank you Brother!!!
Matt Molnar
2008-06-13, 12:45 AM
...
I wouldn't say I'm upset about it. It is just a sobering reminder of the shift of power in the world.

To put things in perspective, Abu Dhabi's very first paved roads were not constructed until the 1960s, over 30 years after the Chrysler Building was completed.
stuart schechter
2008-06-13, 11:53 AM
For them, The Chrysler Building is Ancient History!
T-Bird76
2008-06-13, 01:11 PM
...
I wouldn't say I'm upset about it. It is just a sobering reminder of the shift of power in the world.

To put things in perspective, Abu Dhabi's very first paved roads were not constructed until the 1960s, over 30 years after the Chrysler Building was completed.

Matt I'd use the word "refreshing" vs "sobering." This is the Bush doctrine at work, spreading freedom and Western Culture to these parts of the world. The UAE is a shinning expample of what the rest of the Mideast should look like. Here we have country desiring to better themselves through peaceful means and not simply relying on the oil in the ground. This is the kind of country we want to do business with.