Abu Dhabi fund has 90 percent stake in Chrysler Building

The iconic New York City skyscraper, the Chrysler Building now has a new investor from an Abu Dhabi sovereign-wealth fund. The Abu Dhabi Investment Council has now purchased a 90 percent stake in the tower, for a price of $800 million.

Tishman Speyer Properties, a New York landlord, still keeps the remaining 10 percent; he will also manage the property.

ADIC has purchased their share of the Chrysler Building from a fund that has been managed by Prudential Real Estate Investors, who are a unit of the insurance company Prudential Financial Inc.

The credit crunch that has hit the U.S. has had a big effect on the sale of property; sales are almost at a crawl, so this sale is a great result for the building.

The current slow down in property sales have seen a lot of interest from foreign sources, which are looking to invest in Capital throughout the world, especially the U.S.

The Chrysler Building is a 77-story Art Deco building which was built in 1930 and at that time was the highest building in the world.

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