The Chrysler Building, one of the most iconic structures in NY, has been put up for sale by its owners, Emirati investment firm Mubadala and real estate group Tishman Speyer.
Although estimates for the cost of the national landmark vary, some real estate experts believe the Chrysler Building could struggle to regain the $800 million that the Abu Dhabi Investment Council paid for a 90 percent stake in the property in 2008 - during which real estate prices plunged as a result of the recession.
Tishman Speyer has hired real estate group CBRE to manage the sale of the building at the intersection of 42nd Street and Lexington Avenue.More news: Eye patient injured after being prescribed erectile dysfunction cream by mistake
The land beneath the 77-floor building is owned by the Cooper Union school - and costs a pretty penny to lease. That deal called for the annual rent to rise from $7.8 million in 2017 to $32.5 million from 2019-2027, according to documents seen by AFP.
And it's only going to go up.
Owners are also battling for tenants with new Manhattan builds that boast modern amenities, like bike storage, outdoor terraces, fitness centers and floor-to-ceiling windows. The annual ground lease fee jumped to $32.5 million from $7.75 million a year ago, the Journal reported, citing the school's financial documents.More news: Police identify man who spent hours licking a California home’s doorbell
The almost 90-year-old building, which is situated in midtown Manhattan, was acquired by Mubadala in 2008 for $800m, for a 90% stake.
The Chrysler Building, an iconic part of the New York City skyline, is reportedly up for sale.
But, she warned, "When things break, it takes much longer to fix because there's only one guy on the planet that has the tools to fix something from the 1920s and 1940s".More news: French Alps rescue: Helicopter pilot's awesome mountainside manoeuvre saves stricken skier
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.