Chrysler (Chrysler) is one of New York’s most iconic symbols and was sold to car owners at a loss
new York. -One of the most iconic cities in New York, The Chrysler Building has been sold to the owner at a lossAccording to US media reports, UAE investment company Mubadala and real estate group Tishman Speyer.
According to the Wall Street Journal, the 77-story building is considered a masterpiece of Art Deco architecture and was sold to New York real estate investor Aby Rosen and an unidentified person for $150 million. RFR fund for “foreign partners”.
The Mubadala Fund paid US$800 million with 90% of its funds in 2008.
Tishman Speyer purchased the entire building for approximately US$210 million to US$250 million in 1997, but he retained 10% of the shares.
Overall, New York real estate sales are in a difficult period, Especially Manhattan.
As the Hudson Yards neighborhood on Manhattan’s west coast will soon have more than 1.6 million square feet of new offices and houses, downward pressure on old buildings will further increase.
The land where Chrysler is located is owned by a third partyCooper Union Private University, which may scare away potential buyers.
According to AFP consulting documents, in 1997, Tishman Speyer negotiated a long-term lease with the faculty until 2147. The lease stipulates that the rent will increase from US$7.8 million in 2017 to US$32.5 million per year from 2019 to 2027.
At the end of 2017 alone, the value of this piece of land was estimated at US$677 million.
Opened in 1930, Chrysler is the tallest building in the world at 319 meters in the past 11 months, And then was abandoned by the Empire State Building (381 meters from the ceiling, 443 meters from the top of the spire).
Although it is named after the car manufacturer, which is the name of its founder, Walter Chrysler, the company has never installed an office in this tower on the corner of 42nd Street and Lexington Avenue.