Austria’s largest private real estate company – Signa Holding GmbH – is expected to buy New York City’s iconic Chrysler Building for a significantly smaller chunk of change than the previous owners purchased it for about a decade ago.
Multiple media outlets reported over the weekend that Signa, in partnership with RFR Holding LLC, will buy the tower for about $150 million. The agreement is said to have been signed on Friday.
The building is owned by an Abu Dhabi government fund and New York developer Tishman Speyer. The Abu Dhabi Investment Council paid $800 million for a 90 percent stake in the property in 2008, around when real estate prices plummeted during the Great Recession.
Rent owed to the Cooper Union school – the land underneath the property – weighed on the sale price, according to reports. That annual fee increased to $32.5 million in 2018, from $7.75 million the year prior.
The Chrysler Building, located on Manhattan’s East Side, is 77 stories and one of the city’s tallest. It was put up for sale in January.
Construction on the art-deco property finished in 1930. It was designed specifically for the Chrysler Corp., which ironically never owned the skyscraper.
The New York Post reported in January that e-commerce giant Amazon was close to signing a lease for about 10,000 square feet in the midtown tower to develop a large store.