January 17, 2021

Sold for $ 150 million the New York Chrysler skyscraper

Sold for $ 150 million the New York Chrysler skyscraper

The owners of the Chrysler skyscraper in New York have reached an agreement to sell the building for 150 million dollars, a figure well below what they paid a little over ten years ago to get hold of the well-known skyscraper.

Real estate firm RFR Holding, which owns other famous Manhattan properties, and a foreign partner will control the Chrysler building, said The Wall Street Journal.

So far, the sovereign wealth fund of Abu Dhabi owned 90 percent of the tower, while the US group Tishman Speyer, the previous owner, held the remaining 10 percent.

In 2008, the Emirati fund had paid about 800 million dollars for its part of the property, which he decided to put on sale at the beginning of this year.

The reason, according to the Journal, are the high maintenance costs of the building, in large part because the land on which it stands is owned by the Cooper Union school, which in 2018 received a rent of 32.5 million dollars and expects that in 2028 the figure will reach 41 million.

In addition, the tower has a lot of vacant space or that it will be empty soon, so the new owners will probably have to invest to attract new tenants, according to the Journal.

The Chrysler, located in the heart of Manhattan, is one of the most recognizable buildings in New York, especially for its famous dome.

Designed by the architect William Van Alen and built between 1928 and 1930 in Art Deco style, it was for a short time – until the Empire State Building in 1931 – the tallest building in the world.

Despite the proliferation of new skyscrapers in recent years, the Chrysler remains one of the ten tallest buildings in the Big Apple, with 77 plants and 319 meters high.


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