NEW YORK - The Associated Press
An Abu Dhabi investment fund has bought a 75 percent stake in the iconic Chrysler Building, one of the best-known landmarks on the New York City skyline, officials said Wednesday.
The Abu Dhabi Investment Council, one of the world's largest sovereign wealth funds, closed the sale with Prudential Financial Inc. on Tuesday, Prudential spokeswoman Theresa Miller said.
Miller would not disclose the sale price, which many published reports placed at $800 million. Prudential held its stake in the building on behalf of a fund of primarily German investors that had closed in the past couple of years, she said.
New York's Tishman Speyer Properties, which owns the remaining stake in the 77-story, Art Deco skyscraper and will continue to manage it, declined comment Wednesday.
Middle Eastern investors have jumped into the city's slow commercial real estate market twice in the past two months to buy big stakes in landmark skyscrapers. A Dubai-based private equity firm helped finance developer Boston Properties' $2.8 billion purchase in May of the General Motors Building and three other office towers.
The 1,046-foot (318-meter) Chrysler Building briefly became the world's tallest tower when it opened in 1930, until the Empire State Building topped it by over 300 feet (91 meters) when it was completed a year later.