Thursday, 21 March, 2019

Chrysler Building, iconic New York City landmark, up for sale

Chrysler Building The top of the Chrysler Building glows over Manhattan Thursday
Priscilla Morrison | 10 January, 2019, 08:54

FBN's Liz MacDonald on reports the owners of the Chrysler Building, the Abu Dhabi government fund and New York developer Tishman Speyer, are planning to sell the iconic New York City skyscraper.

But some real-estate investors told the outlet that Abu Dhabi may face headwinds recovering the $800 million it plunked down for a 90 percent stake in the building back in 2008, just before the stock market cratered.

Tishman Speyer, which bought the entire building for a reported $210-250m in 1997, retained a 10% stake.

"There might be a billionaire who comes along and says, 'I want to tell the world I own the Chrysler Building, '" Adelaide Polsinelli, who heads the commercial investment sales and leasing division at real-estate services firm Compass, told the Journal.

The sale, managed by CBRE, comes at a testing time for the NY real estate market, especially in Manhattan.

Development of the Hudson Yards neighborhood, on Manhattan's West Side, will soon be complete, with more than 1.6 million square meters of new office and residential space.

More news: Larry Ellison discloses $1B stake in Tesla

That has driven prices down even further for older buildings.

Another factor for potential buyers to consider: the land on which the Chrysler Building stands is one-third owned by Cooper Union, a private university. Tishman Speyer spent $100 million in improvements when it took over the tower in 1997.

The value of the land alone was estimated at $679m in late 2017.

The skyscraper that once served as the headquarters of the Chrysler Corp was built between 1928 and 1930, and held the title of the world's tallest building until it was surpassed by the Empire State Building 11 months later.

The Chrysler Building, which opened in 1930, stands 1,046 feet.

The building, which is 319m (1,046ft) tall, was built by Walter Chrysler, the founder of the auto manufacturer, with his own money so his children could inherit it.

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