Flush with dollars as oil prices reach record heights and remain there, Middle East economies are looking at newer ways to invest their money, and prime American real estate is their latest target. Latest news indicate that New York's iconic Chrysler building may soon change hands with the Abu Dhabi Investment Council, a fund based in the United Arab Emirates, looking to buy a 75-per cent stake for $800 million.

As for US citizens decrying this transference of an American icon into Arab hands, their anger may be somewhat muted if they realize that the aforementioned stake is owned by Prudential Real Estate Investors, a German investment firm. So, the building's ownership merely passes from one foreigner to another.

Real estate giant Tishman Speyer Properties owns the other 25 per cent of the midtown landmark, but it is trying to unload part of its interest to the Arab group. Tishman Speyer would continue to run the building with its distinctive crown, which shimmers in the Manhattan skyline.

As part of the Chrysler deal, sources said the Abu Dhabi Investment Council would also get part of the skyscraper's signature Trylons retail property next door.

Experts are of the opinion that the recent surge in interest in American real estate is merely a side effect of spiraling oil prices. "They have large sums of money and want to diversify their investments," Ron Cohen of real estate firm Cushman & Wakefield said. "They're looking for a place to park dollars."

Just last month, the GM Building and three other properties were sold for nearly $3.95 billion by Macklowe Properties to a group of investors, including the wealth funds of Kuwait and Qatar and Boston Properties.

The Chrysler Building is an Art Deco skyscraper in New York City, located on the east side of Manhattan at the intersection of 42nd Street and Lexington Avenue. Standing at 319 metres (1,047 ft), it was briefly the world's tallest building before the Empire State Building surpassed it in 1931. However, the Chrysler Building remains the world's tallest brick building.

After the destruction of the World Trade Center, it was again the second-tallest building in New York City until December 2007, when the spire was raised on the 365.8-metre (1,200 ft) Bank of America building, pushing the Chrysler Building into third position. In addition, the New York Times Building, which opened in 2007, is exactly tied with the Chrysler Building in height.

The Chrysler Building is a classic example of Art Deco architecture and considered by many contemporary architects to be one of the finest buildings in New York City. In 2007, the American Institute of Architects ranked it ninth on the List of America's Favorite Architecture.

The Chrysler Building was designed by architect William Van Alen to house the Chrysler Corporation. When the ground breaking occurred on 19 September 1928, there was an intense competition in New York City to build the world's tallest skyscraper. Despite a frantic pace (the building was erected at an average rate of four floors per week), no workers died during the construction of this skyscraper.

The building is considered a masterpiece of Art Deco architecture. Its distinctive ornamentation is based on features that were then being used on Chrysler automobiles. The corners of the 61st floor are graced with eagles, replicas of the 1929 Chrysler hood ornaments; on the 31st floor, the corner ornamentations are replicas of the 1929 Chrysler radiator caps.

The building is constructed of masonry, with a steel frame, and metal cladding. In total, the building currently contains 3,862 windows on its facade and 4 banks of 8 elevators designed by the Otis Elevator Corporation.

As an iconic part of the New York City skyline, the Chrysler Building has been depicted innumerable times in almost every medium - film, photography, video games, art, advertising, music, literature, and even fashion, as its use quickly establishes without doubt the location in which the depicted events are occurring.