Abu Dhabi Purchases Controlling Stake in Chrysler Building

Another American landmark has become the property of the Middle East as Prudential Financial has confirmed the sale of its 75% stake in Manhattan’s Chrysler Building to the Abu Dhabi Investment Council, the commercial arm of the Abu Dhabi government.

According to reports the Abu Dhabi government paid about $800 million for the stake in the building. The remaining 25% belongs to the property firm Tishman Speyer.

With an influx of oil money several countries in the Middle East have used their excess to take advantage of the falling real estate prices in the United States and purchase iconic buildings. In June the General Motors Building sold for $2.8 billion.

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