Abu Dhabi Fund Buys Stake in NY Chrysler Building

July 9, 2008 11:44:38 AM PDT
An Abu Dhabi investment fund has bought a big stake in New York City's landmark Chrysler Building. A spokeswoman for Prudential Financial Inc. in Newark, N.J., says the insurer sold its 75 percent stake in the Art Deco skyscraper to the Abu Dhabi Investment Council. Prudential spokeswoman Theresa Miller says the deal was closed on Tuesday.

Prudential isn't disclosing the sale price. New York City development company Tishman Speyer Properties owns the remaining stake and will still manage the building. The 77-story midtown Manhattan landmark opened in 1930, and was briefly New York's tallest tower before the Empire State Building was completed a year later.