- The Washington Times - Thursday, June 12, 2008

Abu Dhabi sovereign wealth fund for about $800 million, a person familiar with the matter said Wednesday.

The Prudential Financial Inc. to purchase a majority stake in the art-deco property, said the person, who asked not to be identified.

“These sovereign wealth funds are seeing the Paul Hastings Janofsky & Walker LLP. “New York isn’t going anywhere. It is still the financial capital of the world. These funds are looking for stability and long-term yield. Markets go up and down and the dollar goes up and down, and they see this as a tremendous buying opportunity.”

Prudential is selling New York buildings it owns with Tishman to take advantage of gains in property values. Last year, it sold 666 Fifth Ave., a 1.5 million square-foot skyscraper for $1.8 billion, at the time the largest single-building sale ever. It also sold the Lipstick Building, the elliptical East Side tower designed by Philip Johnson, for $648.5 million.

Abu Dhabi Investment Council Al Kindi wasn’t available for comment. He is prohibited by law from discussing the council’s investments, his office manager said.

Chrysler tower at Lexington Avenue and 42nd Street, and Tishman will cut its stake in the property to 10 percent from 25 percent.

The transaction would be the third this year of a high-profile Manhattan property.

General Motors Building on Fifth Avenue, a record for a U.S. office tower.

And Italian real estate investor Time magazine Wednesday that his Sorgente Group acquired a majority stake in Manhattan’s historic Flatiron building at the intersection of Fifth Avenue, Broadway and 23rd Street.

The 22-story Flatiron, built in 1902, is valued at $180 million today.

“The Flatiron is expensive, but with the [cheap] dollar, it made sense to increase our share,” Mr. Mainetti told Time. “The stability of the New York real estate market is unique. This current crisis will pass, and the dollar will re-establish itself. We are confident.”

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