The Chrysler Building, an iconic part of the New York City skyline, is reportedly up for sale.
Owners of the building, an Abu Dhabi government fund and New York developer Tishman Speyer, have hired CBRE Group Inc. to market the property, according to The Wall Street Journal, citing the chairman of the firm’s New York City capital markets group.
Although estimates for the cost of the national landmark vary, some real estate experts believe the Chrysler Building could struggle to regain the $800 million that the Abu Dhabi Investment Council paid for a 90 percent stake in the property in 2008 -- during which real estate prices plunged as a result of the recession.
The Art Deco-style skyscraper, located on the East Side of Manhattan, is the tallest brick building in the world with a steel framework and the eighth tallest in the city.
Construction of the 77-story building began in 1928 and was completed in 1930, which could be contributing to the owners’ decision to sale, largely due to the rising cost of improvements and upkeep.
Although designed and built specifically for the Chrysler Corp., the car manufacturer did not pay for its construction, nor did it ever own the skyscraper.