Abu Dhabi Sovereign Wealth Fund Looking to Buy Chrysler Building

The Financial Times reports:

An Abu Dhabi sovereign wealth fund is in talks to buy the Chrysler Building in a deal that would be worth about $800m, adding to a recent burst of interest in prime New York real estate from foreign groups....

The price mooted for the Chrysler Building would be more than double the site’s value seven years ago – an indication of the continued strength of New York commercial property in spite of the credit crisis....

The 77-floor, 1,046ft building was built in 1930 for Chrysler, the car company, and designed with the aim of making it the world’s tallest man-made structure, overtaking the Eiffel Tower. But it held that title for only a short period, with the Empire State Building replacing it in the record books the following year.

Chrysler no longer occupies the 1.2m sq ft property. But its tapered steel roof ensures that the skyscraper remains one of the most distinctive features of the Manhattan skyline.