Sunday, June 15, 2008

Abu Dhabi fund looking to buy New York's iconic Chrysler Building for $800 million news

Just last month, the GM Building and three other properties were sold for nearly $3.95 billion by Macklowe Properties to a group of investors, including the wealth funds of Kuwait and Qatar and Boston Properties.

The Chrysler Building is an Art Deco skyscraper in New York City, located on the east side of Manhattan at the intersection of 42nd Street and Lexington Avenue. Standing at 319 metres (1,047 ft), it was briefly the world's tallest building before the Empire State Building surpassed it in 1931. However, the Chrysler Building remains the world's tallest brick building.

After the destruction of the World Trade Center, it was again the second-tallest building in New York City until December 2007, when the spire was raised on the 365.8-metre (1,200 ft) Bank of America building, pushing the Chrysler Building into third position. In addition, the New York Times Building, which opened in 2007, is exactly tied with the Chrysler Building in height.

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