Foreigners Nab Two New York Landmarks: Chrysler Building and Flatiron Building

Valter Mainetti and his Sorgente Group have acquired a majority piece of the Flatiron Building in New York. Estimated to be worth about $180-190M, the Flatiron building is a landmark building sitting at the intersection of Fifth Avenue, Broadway, and 23rd Streets.

In another notable deal, Abu Dhabi investment council (United Arab Emirates) is currently in negotiations to acquire a 75% stake in the Art-Deco Chrysler building. The deal would value the building at about $1 Billion. The building is on a 140+ year ground lease from Cooper Union with the remaining 25% stake being owned by Tishman Speyer.

High oil prices and the weak dollar have made New York a prime target for middle eastern investors and sovereign wealth funds. For Europeans, the weak dollar has spurned tourism and investment in the United States, from flats and vacation homes, to institutional grade real estate assets.

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