Chrysler building being sold to Arab investors?
No, Middle East investors are not buying the car company, it's the building in mid-town Manhattan they want. The Chrysler building was briefly (in 1930) the tallest building in the world before the Empire State building was completed a year later. it served for a time as the New York offices of the car company and remains an Art Deco icon in the city, and the world for that matter. It's certainly more attractive than most of the vehicles bearing the same name today. The Abu Dhabi Investment Council is reportedly looking at buying a 75% stake in the tower for $800 million. The share of the building is currently owned by Atlanta-based investment fund TMW. The other 25 percent of the building is owned by Tishman Speyer Properties. Back in the wake of the DaimlerChrysler merger, Jurgen Schrempp talked of renovating the long unused upper floors of the building for use as a world headquarters office space, but its unkown if the renovations ever happened. It certainly didn't serve as a home to DCX. Thanks for the tip, Dave![Source: New York Post, via AllPar.com]
Reader Comments (Page 1 of 3)
GOKARTN 9:03AM (6/12/2008)
Good,
Maybe then they will not fly our airplanes into them.
Reply
Oliver 9:57AM (6/12/2008)
Oh, no. We're all gonna die now.
Oliver
Vintage 10:15AM (6/12/2008)
Screw these rich arabs. They have all the bugattis, they have all the oil, and they think they can just buy everything. I started biking a lot more often, and if it wasn't for winter I'd bike all the time. Christ they're greedy.
Auday 12:00PM (6/12/2008)
FYI, United Arab Emirates (especially Dubai) doesn't depend on oil for it's income, it's all about buisness, trade and tourism.
If you ever have the chance to visit Dubai you will see how developed, open, and multi-cultural this city is. Also they have no taxes and no customs, that's why investors from all over the world (including Trump, Gates, and even Schumacher) have lots of business and real estate there.
What you really should be sick of is the attitude of sterio-typing and looking down at people that you and some other people here have.
Disgruntled Goat 12:58PM (6/12/2008)
The UAE is not dependent on oil _now_ but that's only because they'll soon run out and they had the foresight to diversify.
Instead of relying on oil to generate money they now have to actually earn it, that's why they're so modern, open and successful. Maybe once the oil runs out in the rest of the middle east they'll be forced to join the 21st century too.
spacegravity4me 2:12PM (6/12/2008)
look, just shut up with the stop stereotyping comments ok! We get it! "They" aren't all oil mongering terrorists! But is that still supposed to make me happy about a bunch of foreign investors buying up a great AMERICAN landmark??? I don't care who they are! It's just not cool! I'm an open minded guy too, and I even like Duhbia (sp? don't care), their architecture and planning is amazing, but I don't want them buying all our stuff! The fact of the matter is that a lot of us Americans are very angry that our country isn't the economic power house that it used to be and now a bunch of "filthy stinking oil rich, Bugatti Veyron driving arabs have all the money, are screwing us over, and are buying up all our companies and stuff!" In other words, "They took our jobs!" Is it unfortunate that they just happen to be "Arabs" and because of their nationality and race, and also us needing someone to direct our anger at, "we" blame them for all the problems and call them terrorists and oil fiends? Yes it is! Cause most people aren't going to take the time to think it through. They'll just see Arab guys buying American things, they are rich and flourishing, we aren't, and they live near oil land(opening soon), boom, They are a bunch of arab terrorist and are responsible for everything that is wrong, or at least taking advantage of it and I feel powerless, so I hate them... attack! That's pretty much what happens. I don't agree with it but the point is that people are actually angry that things aren't how they used to be. I just think we all need to understand that. SO... instead of attacking people who are conveniently placed for it, lets get mad at our own people and government and use our anger to make a real change and turn this country of ours around already! This is the future, it was supposed to be more advanced than THIS!!!
SITEiNK 3:57PM (6/12/2008)
good idea to pull one on us idiots:
let's cut the production of oil so the price will rise, the stupid American's wont cut back and refuse the price, the'll pay it... and then we can take those profits and buy up America.
Let's make them slaves in their own land.
watch it, it is happening, after all many of our mortgages and credit accounts are already owned by foreigners (because the banks actually bundle up their products and sell securities off to others.) you thought the bank just made money off of the insane interest rates they charged you? ha ha, silly Americans - too busy with greed and other lusts to see what is really going on.
If you look at your credit agreements, it says you agree to be bound - so you agree to be bound by foreigners who would like to behead you... smart, real smart.
dont worrry about our success in Iraq, we're loosing it here. wake up my fellow americans. take control of your finances.
by up foreign companies. don't let this happen.
as far as A. Busch goes, we should turn this thing on it's head and A. Busch should buy InBev instead.
Don't sell yourself down the river. Get out of debt, buy local, and hold accountable the companies you do business with to buy american too. it matters.
national06 9:06AM (6/12/2008)
Whats new! America is not owned by Americans. Now let me leave space for the racists and bigot remarks and all the haters.
Reply
Sunny Brar 9:54AM (6/12/2008)
*AUTO*blog?
Reply
riggs 12:38PM (6/12/2008)
*Chrysler* building?
i know its a stretch but still.
OubelhaNegra 9:15AM (6/12/2008)
America is selling everything to Foreign Investors. This is so wrong, china owns a lot of Americans companies, I'm scare of this future...
Reply
Todd 9:28AM (6/12/2008)
This is just the start, wait until next year when oil hits $200+ a barrel and the same wealthy Arab nations start buying up American media and imposing their religious convictions on us all. Ready for burka clad American Idol? How about Sports Illustrated Swimsuit edition that has absolutely no skin showing?
$6.00 a gallon gas = give control of our culture to foreign nations
Reply
Richard 9:54AM (6/12/2008)
Well, vote Obama!
We'll get out of the Middle East and we won't tap any of the oil reserves we know we have in the ground on American soil.
Then you'll think $6.00 per gallon didn't look too bad. You'll also be lovin' a 30% marginal tax rate.
Get ready America!
sk 10:10AM (6/12/2008)
Most of the comments relate to oil money. But did you know that today only 6% of the Emirates revenue comes from oil and natural gas. So filling up your car with gas does nothing to support the sell out of U.S. buildings.
Richard 10:16AM (6/12/2008)
Absolutely correct!
There has been significant foreign investment in the US for decades.
I think that the weak dollar makes us a particularly attractive investment these days.
jsjs 11:47AM (6/12/2008)
Are we supposed to be afraid of the Canadians as well?
Canada has the 2nd largest proven oil reserves after Saudi Arabia and the production of oil from Canada has gone up FIVEFOLD from 741,000 bbl/d in 2002 to 3.42 million bbl/d in 2008 - and is forecast to grow to nearly 5 million bbl/d by 2020 (who ever thought that Canada would ever become an oil superpower?).
And all of this production from Canada hasn't halted the spike in the price of oil (which is also due to the current speculative market, currency strength, etc.).
And oh, btw, the Emirates, the Saudis, the Brits, the Japanese, the Chinese, etc. all have bought big stakes in American I-banks due to the need for $$ after the real estate bubble crashed.
iCameiSawiConquered 1:06PM (6/12/2008)
@ Richard
Yeah because having Bush in there for the last 8 years has done wonders for the price of gas....it's never been cheaper with "pro growth, low taxes and small government" policies!
....right.
Frank 12:08PM (6/12/2008)
Read the previous message:
"...the price of oil (which is also due to the current speculative market, currency strength, etc.).
Bush has very little to do with it. Only congress can allow us to drill for oil here on our own territory. The Democrats ran on a campaign to do something about high gas prices in 2006. How's that working for you so far? No wonder they have lower approval ratings than the president.
iCameiSawiConquered 1:09PM (6/12/2008)
yeah who controlled congress for 6 years?
Republicans had total control of all the levers of government for much of Bush's 2 terms yet it's of course the Democrats' fault!
Hey I remember Bush claiming his powers of persuasion and buddies in the Middle East would help lower the scandalous price of $2 a gallon back in 2000.
How's that working for you so far?
Disgruntled Goat 1:31PM (6/12/2008)
Wow, sounds like one of Bush's remaining 30% is convinced Obama is going to win and panic is starting to set in.
Don't worry, if your biggest concern is eliminating the Iraqi blackhole sucking down American lives and tax dollars, or that the top marginal tax rate going from 35% (which is what it is today) to 30% then I'm not sure what you're afraid of. Sounds like win-win to me.