6 days ago
New York's Chrysler Building Is Back on the Market
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The Chrysler Building, one of the most iconic and recognizable skyscrapers in New York City's skyline, is up for sale once again.
Back in January, a New York state judge effectively evicted owners RFR Holdings, a real estate investment firm, from the building after not paying their rent. Now, Cooper Union, a private arts and science college that owns the land underneath the skyscraper, has hired British real estate firm Savills to oversee the sale, according to Time Out.
Completed in 1930, the Chrysler Building briefly held the title of world's tallest building for 11 months. It stands 1,046 feet tall, with 77 floors. (The Empire State Building, just a few blocks away, surpassed the Chrysler Building as the world's tallest in 1931, standing at 1,250 feet tall, not including its antenna.) Designed by architect William Van Alen, it was commissioned by Walter P. Chrysler as a symbol of the Chrysler Corporation, with its stainless steel spire and ornamented crown.
Ownership of the building has changed hands a few times already, for as much as $800 million in 2008 when the government of Abu Dhabi bought a 90% stake in the tower. But then it sold for a shockingly low fraction of the cost at $150 million in 2019 to co-owners Signa, an Austrian real estate company, and RFR, a New York-based development firm. But in 2024, according to the New York Times, Signa filed for insolvency, and an Austrian court ruled that it would have to sell its share of the building.
Cooper Union and Savills aren't disclosing the new price tag for the Chrysler Building just yet. Even with astronomical property costs in Manhattan right now, it's questionable how much Savills might be able to fetch. The aformentioned NYT report paints a more dilapidated picture inside of the shining structure on the outside, with tenants complaining about 'bad cell service, the lack of natural sunlight, elevator troubles, murky water coming out of fountains, and pest infestations.'
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