Apparently not content with dredging up islands shaped like palm trees, wealthy Dubaians (of U.A.E.) are snapping up older pieces of the New York skyline. The latest to fall into foreign hands: the Helmsley/New York Central Building at 230 Park Ave. and the Essex House on Central Park South. The Times says they're hedging against an anticipated drop in their oil profits. Perhaps we'll someday see windmills and solar panels gracing these classy towers as a testament to their forward thinking. Or they could end up like the Japanese investors who lost millions in the early '90s after their foray into Manhattan gems like Rockefeller Center.
· Arab Royals Buy 2 Pieces of the Skyline [NYT]
· Dubai: Boomtown U.A.E. [Curbed]