A second Credit today to the New York Post for a nice scoop on the possible sale of a large stake in New York City’s Chrysler Building.
Reporter Lois Weiss explains:
Sources say the super-rich Abu Dhabi Investment Council is negotiating an $800 million deal for a 75 percent stake in the Art Deco treasure that has defined the Midtown skyline since 1930.
The Chrysler assets would be purchased from TMW—the German arm of an Atlanta-based investment fund that’s been eager to cash out of its Chrysler stake.
This news comes amid a spate of big New York City real estate deals, either closed or under negotiation, most notably the recent sale of the GM Building.
With the Chrysler scoop, the Post had the rest of the press on its heels.
The Wall Street Journal included the story in the next day’s paper, as did the <I>Daily News and the FT. The New York Times included the news in its DealBook blog the same day the Post story ran.
All of these follow-ups, with the glaring exception of the FT, credited the Post for the scoop—as they should have.
The Post has been on a bit of a roll lately with its real-estate reporting, with another excellent scoop, on the latest New York City crane disaster, appearing the same day as the Chrysler story, and, as we wrote this morning, some nice ground zero analysis appearing in recent weeks as well.
Elinore Longobardi is a Fellow and staff writer of The Audit, the business-press section of Columbia Journalism Review.