Foreigners eye trophy towers

Foreigners have their sights set on iconic New York City towers, but seem content to operate in the background. The Post reports that Abu Dhabi Investment Council could spend $800 million on a 75 percent stake in the Chrysler Building, but would remain a silent partner, leaving Tishman Speyer, which has a 25 percent stake, to control the building. Time reports that Italian real estate investor Valter Mainetti has purchased a majority stake in the Flatiron building. The Mort Zuckerman-led group that just closed on the GM Building was backed by Middle Eastern investors. The trend isn’t new: Istithmar, a Dubai fund, bought the Helmsley tower at 230 Park Avenue in November 2005 for $705 million, and also bought 450 Lexington Avenue and the Knickerbocker Hotel at 6 Times Square. Last year, Israeli investors bought the Lipstick Building at 53rd Street and Third Avenue. Israeli firm Elad Properties bought the Plaza Hotel for $675 million in 2004 and transformed much of it into a phenomenally successful condo building. TRD