Hey, Buddy! Wanna Buy the Chysler Building?

Forbes Magazine and other sources (links below) are reporting the iconic Chrysler Building is up for sale. The Abu Dhabi Investment Council is putting up their 90% share of ownership. The asking price is unknown. The New York Times reports that the council paid $800 million for their 90% stake in 2008. Will it bring a profit? No one is sure.

The building does not own the land beneath it and rental costs of land

in Manhattan have escalated. The land the building stands on is owned by the Cooper Union school. Land rent was $7.75 million in 2017, but jumped to $32.5 million in 2018. It will rise to $41 million in 2028. Maintenance costs can be high on a 1930 building and it faces much competition from surrounding office buildings with more modern amenities.

The Chrysler Building was the headquarters of Chrysler Corporation until 1953 but was never owned by the corporation. It was built and owned by Walter P. Chrysler. At the time of its opening, it was the tallest building in the world. It was passed by the Empire State Building just eleven months later and is now the 8th tallest building in NYC.

Links:
Forbes Magazine: NYC's Illustrious Chrysler Building For Sale.
New York Times: Chrysler Building, a Famed Slice of Manhattan Skyline, Is on the Block

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