New York Skyscrapers for Sale - AFP
Friday, June 13th, 2008You might never have considered who owns the skyscrapers in New York City, but a report by the AFP issued this morning would indicate that many of them are owned by big businesses. Just like the rest of the Nation, entrepreneurial companies invested in real estate during the real estate boom. Not surprisingly, some of those investors are finding themselves having trouble hanging on to the city giants. The end result is that Big Apple skyscrapers are being resold to local and foreign investors to alleviate ever-increasing debts as the real estate market plummets and the American economy continues to struggle.
“NEW YORK (AFP) — The iconic Chrysler and Flatiron skycrapers may soon join New York’s GM Building as landmarks sold in part to Arab or European investors as the weak dollar spurs property grabs in the Big Apple, reports said Friday.
“The 50-story General Motors Building, constructed in 1968 and which includes the Apple Store on Fifth Avenue, has already been sold — for a record-breaking 2.8 billion dollars — to US real estate firm Boston Properties, backed by investors from Dubai, Kuwait and Qatar.
“The deal, concluded on Tuesday, makes the GM Building the most expensive skyscraper in the United States, according to several reports.
“The seller, Macklowe Properties, had been mired in debt after acquiring seven major New York properties last year for seven billion dollars near the height of the real estate boom, before the subsequent real estate and credit crises.”
“It goes to show just how deeply American real estate is being impacted by falling property prices,” said Tim Chin, RealtyStore CEO.
Full Story, “Treasured New York Skyscrapers may be Sold to Foreign Funds”
Copyright 2008 AFP
