New York’s iconic Chrysler Building to be sold for $150 million

FE Online
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The iconic Chrysler Building of New York is up for sale now. The owners of the building have reportedly reached a deal of ‘a little more than $150 million’ to sell it, reported The Wall Street Journal.

Chrysler Building which is considered to be an Art Deco piece is located in the middle of Manhattan. It’s sale marks a loss for Mubadala, which bought 90% stake of the building in 2008 at $800 million.

In 1997, a real estate group named Tishman Speyer bought the building for $210-250 million.

WSJ also reported that the building owners do not own the ground of the building and the owners used to pay an annual rent of $7.75 million, which went up to $32 million in 2018. The annual rent is also set to increase to $41 million in 2028. According to the report, this rent has always eaten up the revenue collected from the building.

Apart from that, the building also has around 400,000 square feet of vacant space or that will become vacant in the future.

The Chrysler Building was opened in 1930 and is 319 meters tall. It was initially the world’s tallest building until the Empire State Building came up. Chrysler was a personal project for Walter Chrysler, the founder of a car manufacturing company.