Iconic Chrysler Building is selling at massive 80-percent discount, reports say [View all]
One of New York’s most recognizable skyscrapers is reportedly selling for a song.
RFR Holding LLC, a New York real-estate firm led by Aby Rosen, and the Austrian real-estate firm Signa Holding GmbH is buying the Chrysler Building for $150 million, according to reports from Reuters, The Wall Street Journal and The Real Deal, citing unnamed sources knowledgeable of the deal.
The sum is 81-percent less than the $800 million the seller – Abu Dhabi Investment Council – paid in 2008 for a 90-percent stake in the art-deco tower. Commercial property values in New York plummeted soon after as the financial crisis struck.
The owners put the building on the market in January.
The 77-story building also comes with unique financial challenges. The land beneath the tower is rented from the Cooper Union school. The annual ground lease is $32.5 million, up from just $7.75 million last year. It’s set to reset to $41 million in 2028.
Read more: https://www.northjersey.com/story/money/2019/03/10/new-yorks-chrysler-building-selling-150-million/3123340002/
A view of the Chrysler Building in New York, New York, USA, 09 January 2019. The building, which was originally built in 1930 and has been owned by Abu Dhabi-based investment fund Mubadala and the real estate firm Tishman Speyer since 2008, is reportedly being put up for sale. EPA-EFE/JUSTIN LANE (Photo: Justin Lane/EPA-EFE)
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