Iconic NY Building Gets New Owner

Buying A Skyscraper Is All The Rage!

Appearing in countless Movies, Music, Ads, and Images, it’s one of the most visually appealing buildings lining New York’s skyline. Well, it now has a new owner as it was acquired yesterday (July 9th, 2008 ) by the Abu Dhabi sovereign wealth fund. The Chrysler Building, the world’s tallest building until 1931, when another famous New York building (The Empire State building) surpassed it, was bought by the Abu Dhabi Investment Council for an undisclosed price (which is thought to be approximately $800 Million).

Long considered an Art-Deco masterpiece admired for its iconic architecture which has most of its roots in Chrysler’s car designs of the era. From the eagles perched on its corners to the silver terraced crown, its designer William Van Alen helped produce a truly stunning piece of architectural design that dots Gotham’s skyline.

In my humble opinion, I believe that most of the foreign nations buying up assets right now are using the local resources arising from increasing commodity prices, booming emerging market economies, and the weakening Dollar. All three of which, when combined, help boost their purchasing power to something that was only conceivable by a select few just 50 Years ago. The world is truly becoming a global marketplace, and as borders become more blurred, who knows, maybe one day we’ll have the Global Economic Unity envisioned by so many (myself included). In the meantime, nations are continuing to become big players in each other’s economies…whether or not that’s a good thing in the short (or long) term, only time will tell.

(Note: The Chrysler Building Picture provided (and modified) in this post was made by possible by the Creative Commons Attribution 2.5 Generic License)

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~ by drcorner on July 10, 2008.

2 Responses to “Iconic NY Building Gets New Owner”

  1. I am interested in knowing more about the crreative commons license. How does it work exactly? What is the purpose of it? I’ve been doing a little reading on it, but I still don’t quite understand how it works or why we need it.

    I know I do worry about posts on my blog and copyright issues. I was very happy to hear back from the publisher of the Eastside Sun granting me the right to use the Joe Shikany photo on my blog in any way I wanted. I thought that was very nice of them! But it’s rather a pain to have to get permission everytime you find something of interest that you want to share with someone. I’m not even sure of the proper etiqiette with regards to linking, & posting photo’s etc. I would love to hear your thoughts on the matter. The internet has created alot of grey area with regards to ownership, copyrights, digital images, etc. In my industry, I can use photos of photographers work, if I give them the photo credits. We have the discussion all the time, as to who owns the floral design, my designer who made it, or me who paid her to make it, or the photographer who photographed it, or the bride who piad for the pictures? I am sure there is a legal answer, but I’m curious from a blog perspective.

    Also, as for your opinion on foreign nations buying up our assets, to me it’s sad, but I agree about the weak dollar and increased commodity prices contributing to the problem. But how can you stop it? They own the building, and can sell it to whom ever they want, such is the way of a free market economy. But I want to live in pollyanna land and say that I wish we could keep our national treasures for future generations to come. Then again it looks more & more like we are becoming one global nation of people. It is an interesting time in history to be living in, isn’t it?

  2. Hey Brit’, how’s it going?

    The Creative Common License is a ‘Free’ Copyright. Think of it like Copyright for Open Source stuff. Others are allowed to use your material, but depending on which Commons’ License you use, the attribution can vary. Some just require a brief mention of the creator, some require no attribution, others require full disclosure.

    The link I have at the end of the above article takes you their official site, and offers a lot of information…as well as the various ‘badges’ that represent the varying levels/types of CCLs.

    Blogs have legal right to their material as well, which is why many (myself included) state copyright info on their sites. The scenario you described is more like a Royalty than ownership. You pay, or ask for permission from the original creator to redistribute that material in a non-commercial way. Most people would charge A LOT more for commercial use and the licenses that go with it. I’m not a Lawyer, but I’d assume the Bride has the least right, followed by you (depending on how you and the artist agreed on the License structure), and the Artist.

    As for the actual subject of the article, I may have gotten that last point off incorrectly. I meant that in a positive way (foreigners buying property in other countries). As I mentioned in the article’s closing, I think it’s a wonderful thing to see the World start to function as one, and for borders and boundaries to become blurred, and cultures enhanced by one another. What I dislike is when I see progress hindered.

    I agree, once the national/original countries’ icons aren’t being damaged, it’s perfectly fine to see others buy it and use it, and preserve it. Who knows, someone else local may have bought and torn it down to make way for something else. At least these guys seem like they’ll preserve the image of the building and turn a profit while at it. An yep, they have quite a lot to spend now that their resources have grown so much due to the Commodities boom.

    This is akin to the Germans and Japanese in prior decades after the War, seeing their nation’s wealth expand due to booming industries, and then utilizing it by bringing good business over here (this helping the US grow).

    Truly is a great time to be living, seeing all the transitional phases of culture, economy, and life as a whole take place right before your eyes.

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