Chrysler Building... Not So American Anymore

One of New York Cities most spectacular buildings is only 25% American owned. 75% of the ownership rights belongs to Abu Dhabi Investment Authority.

 

The low clouds were moving very fast over the city.

 

The History of its ownership..................

 

 

 

The land on which the Chrysler Building stands was donated to The Cooper Union for the Advancement of Science and Art, a private college that offers every admitted student a full tuition scholarship, in 1902. The land was leased to the Chrysler Corporation to construct the building in 1929. The land and the building continue to be owned by the college; however, the lease has changed several times. In 1957, it was leased to real-estate moguls Sol Goldman and Alex DiLorenzo, and later leased to the Massachusetts Mutual Life Insurance Company. The lobby was refurbished and the facade renovated in 1978–1979. The building was leased by Jack Kent Cooke, a Washington, D.C. investor, in 1979. The spire underwent a restoration that was completed in 1995. In 1998, The Cooper Union leased the building to Tishman Speyer Properties and the Travelers Insurance Group. In 2001, a 75% stake in the lease of the building was sold, for US$ 800 million, to TMW, the German arm of an Atlanta-based investment fund. On June 11, 2008 it was reported that the Abu Dhabi Investment Council was in negotiations to buy TMW's 75% economic interest in the building and a share of the Trylons retail structure next door for US$ 800 million. On July 9, 2008 it was announced that the transaction had been completed, and that the Abu Dhabi Investment Council was now the owner of the building.

 

 

 

 

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