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1/9/2019, 4:02 PM (Source: TeleTrader)
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CBRE GR.-0.74%

88.37
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Chrysler Building up for sale - report

The iconic Chrysler Building in midtown Manhattan is on sale, the Wall Street Journal reported on Wednesday. The owners of the art deco high-rise built between 1928 and 1930, the Abu Dhabi Investment Council and New York developer Tishman Speyer, have hired the real estate company CBRE Group Inc. to manage the auction, Darcy Stacom, chairman of the firm’s New York City capital markets group told the WSJ.

The report noted that the asking price for the 77-story skyscraper could hardly reach the $800 million figure that the Abu Dhabi fund paid in 2008 for a 90% stake, right before the financial crisis brought the real estate prices down.

Chrysler Building was designed by William Van Alen to house the headquarters for Chrysler Corp. which moved out in 1953. It was the tallest building in the world for one year, before getting surpassed by the Empire State Building.

Breaking the News / NI