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3/8/2019, 11:51 PM (Source: TeleTrader)
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CBRE GR.-0.54%

87.35
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Chrysler Building sold for $150M - report

New York's iconic Chrysler Building will be sold for around $150 million, the Wall Street Journal reported on Friday citing sources familiar with the matter.

The building was allegedly bought by RFR Holding LLC, the owner of the Mies van der Rohe-designed Seagram Building in Manhattan and other well-known buildings, and an unnamed foreign partner, according to WSJ's sources. If the deal goes through, it would represent a substantial loss for current owners the Abu Dhabi Investment Council and New York developer Tishman Speyer, with the former having paid $800 million for a 90% stake in 2008 prior to the financial crisis.

Previous reports in January indicated that the Abu Dhabi fund and Tishman Speyer were considering a sale and had hired CBRE Group Inc. to manage the auction. The report, which was also published by WSJ, noted that the asking price for the building would be well below $800 million.

Breaking the News / DZ