The owners of New York City’s Chrysler Building have put the iconic building up for sale.
The Wall Street Journal reported that the owners had hired real estate services firm CBRE Group Inc to market the property, citing the chairman of CBRE’s New York City capital markets group.
The skyscraper has been a part of the Manhattan skyline since 1930. Designed by William Van Alen, the 77-storey skyscraper was the world’s tallest building until it was surpassed by the Empire State Building less than a year later.
The Abu Dhabi Investment Council took a majority stake in the building for a reported $800 million in 2008, while real-estate firm Tishman Speyer Properties owns the remaining stake.
Estimates for the property’s value vary widely. While it’s undoubtedly a landmark and a living slice of American history, it faces stiff competition from modern office towers designed specifically for current tastes, with amenities including outdoor terraces, bike storage and fitness centres.
The building is also nearly 90 years old, and the costs of improvements and upkeep, as well as the escalating fees for leasing the ground beneath the building, could also have a negative impact on the sales price.