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Fixer Upper For Sale

 

 

 

One of the most iconic buildings in America may now be the world’s most recognized renovations.

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Why Is The Chrysler Building Special?

Trademark: Circular designs recall the Chrysler automobile logo (the founder of Chrysler helped build the skyscraper).

Secret Spire: The 185-foot spire was placed on the top of the building within 90 minutes to surprise competitors, earning the building’s title as world’s tallest in 1930.

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Why Sell?

No clear answer but…

Interesting NYC Fact: *Some* owners of NYC buildings don’t own the land the building is on; they only lease it! This is the case with the Chrysler Building. The group that owns the land raised the annual prices for the owners from $7M to $32M in 2018. By 2028 it will be $40M+.

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Who Will Buy?

Current Owners: An investment group from Abu Dhabi paid $800M for 90% in 2008. Tishman Speyer, a large New York city real estate developer that owns other famous buildings like Rockefeller Center, owns the remaining 10%.

Big Question: Can they recoup their money? No one knows the current price of this building.

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Why is the Chrysler Building a "fixer upper"? Nearby skyscrapers with office for rent offer gyms, modern, open work spaces w/high ceilings and plenty of light. Updating a building from the 1920s is expensive and difficult. Example: The Empire State Building in a 500M renovation had to add a new antennae for wireless reception.

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