This is not good news for the good ole US of A. Our landmarks are no longer are ours. See the story below from Time Magazine.
Foreign buyers are snapping up U.S. real estate at bargain prices.
Dubai investors bought the General Motors Building in New York City for $2.8 billion. The Abu Dhabi Investment Council’s sovereign wealth fund bought a 90 percent stake in the landmark Chrysler Building.
In all, foreigners spent $52.2 billion on U.S. commercial real estate in 2007, double the previous year’s total, according to Real Capital Analytics, a research group based in New York City that tracks property investment.
Anne Marie Moriarty, a vice president at Corcoran Real Estate Group, says that since March 2007 her sales to foreigners have doubled. Foreigners see such purchases “as a long-term investment. Part of [real estate] for them is owning a piece of New York,” she says.
