Chrysler in the Country of Black Gold

Clearly, it is not the guitarist (Van Halen…www.van-halen.com), but William Van Alen.

Yes, friendly gogglemaniac, it is the architect of the Chrysler building, New York icon par excellence.

Last week, the Art Deco skyscraper became the property of a sovereign fund from Abu Dhabi. It belongs to a German real estate investment fund, itself controlled by America’s Prudential Financial.

The construction of the tower began in 1928 and lasted two years, averaging four stories per week. The addition of an arrow of 58.4 meters, on the roof, lifted the building to the ranks of the tallest buildings in the world, but also the highest structure ever built before the Eiffel Tower. A few months later, it was dethroned by the Empire State Building.

The skyscraper is at 405 Lexington Avenue, and according to a study conducted in 2005, it is the favorite building of New Yorkers…and from now on of the Emirs of the Gulf region.

Recently the General Motors building was acquired by a fund from Dubai for $2.8 billion, in association with Boston Properties and Goldman Sachs.

These operations result from the flow of money in the Gulf, thanks to the raise in prices of oil and the weakness of the dollar relative to other currencies.

Two years ago, the purchase of symbolic commercial properties in New York by a Gulf company was stopped in the name of patriotism and strategic interests. This reasoning evidently does not apply to business towers in the middle of Manhattan…

Whatever the nationality of the owner, the Chrysler building remains planted in the heart of Midtown and offers examples of original architecture and Art Deco decoration, dedicated to the glory of the automobile brand. The most spectacular elements are the famous gargoyles of the the 61st floor–eagles in 1929.

Chrysler cars are still in evidence on the streets of New York, but the company has lost its splendor. Almost one year ago, the company was purchased by the American fund Cerebus, and it has recently suffered the highest losses of any American car maker.