The sale of the 1930 William Van Alen designed building to Abu Dhabi has been described by commentators as exemplifying a lack of national pride in the States. One blogger stated: “The country does not exist anymore. Everything is for sale. Example; many in the Senate and The President were bought long ago.”
Tishman Speyer Properties own the other 25% and sources say that the deal would leave this firm in control of the building with the Abu Dhabi Investment Council acting as silent partners.
The news comes following the sale of another iconic New York tower, the GM Building which is commonly recognised by the glass Apple Store cube at its base. The credit crunch was to blame for the sale of this and two other buildings owned by developer Harry Macklowe after he failed to refinance a $5.8 billion loan he used to purchase the properties.
Abu Dhabi Investment Council was set out in law in 2006 by President Sheik Khalifa, taking over from the Abu Dhabi Investment Authority and headed by the President. The Council is charged with building up a balanced investment profile and is able to make tax-free investments both inside and outside of the Emirates.
Niki May Young