New York’s famed Chrysler Building is up for sale for the first time in over 20 years.
According to the Wall Street Journal, the art deco office tower’s current owners, city developer Tishman Speyer and the Abu Dhabi Investment Council, which owns 90 percent of the property, officially placed it on the market this week. An exact number on the building’s value has yet to be announced, but experts say its unlikely that the piece of prime real estate will attract more than its asking price before the recession.
Tishman Speyer bought the Chrysler Building back in 1997, spending over $100 million in facility upgrades on the historic structure as well as two other buildings. The Abu Dhabi government group claimed a stake in the property in 2008 for a whopping $800 million. Since then, such foreign investment and supposed stability in the property have sparked interest from new tenants, such as Creative Arts Agency, LinkedIn, Expedia, and Shutterstock.
Despite securing leases with these companies, the prewar building faces many challenges in maintenance and upkeep. WSJ estimated that this will affect the overall sales price of the structure, along with the increasingly expensive lease it holds through the Cooper Union School, which owns the land beneath it. On top of that, the 90-year-old building has to now compete with the slew of starchitect-designed commercial skyscrapers that have popped in the last decade. Though it’s still an essential part of the New York skyline, some fear the Chrysler Building may not be as wanted as these newer, more sustainable structures designed to accommodate the modern worker.
But who knows? Maybe a new owner will drop money on a major retrofit.
When it opened in 1930, the Chrysler Building held the title as the world’s tallest building. It shocked the city and the nation at 77 stories tall with a 185-foot spire, designed by architect William Van Alen. The Empire State Building soon surpassed the height of the 1,046-foot structure by 204 feet.