New York City's Famous Chrysler Building Sells At a Loss
The Chrysler Building is one of the most recognizable buildings in New York City. The landmark dates back to 1930 and has been a fixture in Manhattan’s skyline since it’s conception. Recently, the art deco-style masterpiece has crept into the forefront of real estate dealings. The Real Deal details the sale of the iconic structure for $150 million to real estate titan RFR Holding.
The sale comes at a major loss from what the previous owners paid. In 2008, an Abu Dhabi investment fund purchased a 90 percent stake in the building for $800 million from Tishman Speyer who held on to the remaining 10 percent of the building’s rights. It is also worth noting that the building’s rent has risen tremendously, and puts it at an incredible disadvantage to compete with the prices and modern amenities of up and coming skyscrapers.
Situated at 405 Lexington Avenue, the Chrysler Building is in a premium location. The heart of Midtown bustles around the long-standing landmark and commuters attest to the convenience of traveling to and from Grand Central Station. The art deco spire has enthralled architects and lovers of design alike and remains one of the most recognizable pinnacles of the Big Apple’s skyline.
CBRE Group Inc. represented the listing on behalf of the sellers.