Abu Dhabi And Chrysler Building: Get The Irony Of It All?

Chrysler Building
Chrysler Building

Is it just me or is there some bitter irony to the fact that the Abu Dhabi Investment Council is reportedly buying a 75% stake in the Chrysler Building for $800 million?

Yes, as you stand there, sweating under the heat of the summer sun and the stress of the $60 dollars you’re likely spending to top off your tank, you can take heart in the fact that your money is helping to fuel Manhattan’s commercial real estate market.

Here is a building, completed in 1930 and built to house the headquarters of the once-great American auto manufacturer, being sold to the folks who are holding a death-grip on America’s wallets. But why should I be surprised? Didn’t the wealth funds of Kuwait and Qatar help to juice a record price for the GM building?? We all know oil goes with cars, but this is taking things a bit far.

I guess I shouldn’t be upset. I mean, after all, it’s the crash of our very own credit markets that put some of these buildings up for sale anyway. I guess we have only ourselves to blame.

After all, who would have thought that a cruddy financial product designed to get less-than-credit-worthy borrowers into homes they couldn’t afford, would wind up spiraling into a situation ripe for Middle East oil money to buy up one of the great symbols of American industry and prosperity? Just my thoughts today.

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