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Foreigners Seize Our City's Greatest Trophies

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Foreign investors, not content to prey upon our weak dollar by snapping up luxury condos and keeping our housing market afloat, now have their sights set on bigger targets. They want to make a big splash. They want to show America who's boss. And they are doing this by buying our city's landmark skyscrapers. Mort Zuckerman's Boston Properties closed on the GM Building this week (USA! USA!), but the most expensive building purchase in city history would not be possible without money from various funds based in Dubai, Kuwait and Qatar. (Maybe they all want deals on iPhones?) The GM Building was just the first domino to fall. Today, the Post's Lois Weiss reports that the Abu Dhabi Investment Council is negotiating an $800 million deal to take a 75% stake in the Chrysler Building. Tishman Speyer, which controls the other 25%, would continue managing the building. And let's not forget about the Europeans, who are also richer than us. Time magazine reports that Italian real estate magnate Valter Mainetti, via his Sorgente Group, has acquired a majority share in the Flatiron Building. When Canada buys the Statue of Liberty, it may be time to rethink a few things around here.
· Zuckerman Exhales: GM Building Deal Closes [NYO]
· Chrysler Bldg. On The Block [NYP]
· An Italian Snags the Flatiron [Time]

Chrysler Building

, Manhattan, NY 10174