Chrysler Building Will Go Up For Sale
The owners of the Chrysler Building have hired real estate marketing firm CBRE to put the building up for sale.
The Abu Dhabi Investment Council bought a 90% stake in the iconic skyscraper in 2008 for $800 million, but real estate investors speaking to the Wall Street Journal estimate that it will be difficult for a sale to recoup that amount. Office space in the 1930 skyscraper has to compete with new construction offering modern amenities that may outshine the $100 million upgrade of the building in 1997 by Tishman Speyer.
Although named for the car manufacturer, the Chrysler Corporation never owned the building and only used it for their headquarters from 1930 to the mid 1950s. The Chrysler Building remains the eighth-tallest building in the city.
Tuesday, March 12 at 1:01 PM 📎
The Wall Street Journal is now reporting that the Chrysler Building has sold for just $150 million, a fraction of its previous price and far below any estimates. The buyers were Austrian real estate company Signa and RFR Holding, LLC. A complicated arrangement concerning the land beneath the building was thought to have driven the price down. Cooper Union owns the land the Chrysler Building sits on and receives a $34.5 million yearly rent, and in addition the tax assessment of the Chrysler Building is paid to Cooper Union, which was about $20 million in 2018.
