Foreign Skyscraper Purchases

Does this sound at all familiar to anyone else?

A foreign  investor, flush with cash thanks to recent economic shifts, begins buying up landmark  "trophy" properties in Manhattan.

If you are old enough, that may remind you of the Japanese in the 1980s, who amongst other items, purchased Rockefeller Center.

Well, its time to update your calendar. This morning, the NYT reported that "the royal family of Dubai, the oil-rich Arab emirate on the Persian Gulf . . . plunked down more than $1.1 billion for [2] buildings: 230 Park Avenue, the gold-crowned, 34-story tower that sits astride the avenue between 45th and 46th Streets, and the Essex House, one of the grand Art Deco hotels on Central Park South."

These most recent acquisitions comes on top a 3 year billion dollar spree in U.S. real estate, including "nursing homes, office buildings, hotels and thousands of apartments in Dallas, Phoenix, Nashville and Atlanta."

The Times wonders aloud if "the emirate can . . . escape the fate that befell Japan15 years ago when it made too heavy a bet on real estate at the top of the
market and lost. . . . "

You can see the 2 properties below:

Essex House
click for larger photos

Essex_house_rink_31dec2000

Essex_house_carnegie_mews

Helmseley Building
click for larger photos
Helmsley_park230a

 

Helmsl3

Sources:
Art Deco Era Architecture in NYC

http://www.greatgridlock.net/NYC/nyc2.html


Alphabetical List of New York Buildings

http://www.wirednewyork.com/alphabetical.htm#E

Helmsley Building

http://www.thecityreview.com/helmsley.html


Arab Royals Buy 2 Pieces of the Skyline

CHARLES V. BAGLI
NYT, November 10, 2005

http://www.nytimes.com/2005/11/10/nyregion/10build.html

Category: Real Estate

Media Appearance: Kudlow & Company (11/09/05)

Category: Media

Erasing October’s Fright

Category: Investing

Chart of the Week: S&P500 3 year chart

Category: Investing

Conference Call Transcripts

Category: Earnings

HK: Drive + Play iPod for Cars

Category: Music, Web/Tech

The Ongoing Decline in Media/Entertainment Revenues

Category: Books, Economy, Film, Financial Press, Media, Music, Television, Weblogs

RIAA v. The People: Two Years Later

Category: Finance, Music, Politics

The Box Office Indicator?

Category: Economy, Film

Microsoft the Innovator (part II)

Category: Finance