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Iconic New York City skyscraper is looking for buyer

Iconic New York City skyscraper is looking for buyer

The owners of the Chrysler Building in New York are planning to sell the skyscraper, according news reports. But this may not be easy, since this symbol of Manhattan was built back in 1930.

The building is now owned by the sovereign fund of Abu Dhabi, that paid $800 million for its share shortly before the financial crisis of 2008, and by US developer Tishman Speyer.

The unique 1,046-feet art deco skyscraper was built in 1930 at the intersection of 42nd Street and Lexington Avenue in Manhattan. Since then, the building has become one of the symbols of New York. Until 1953, the headquarters of Chrysler was located there, then the building changed owners several times.

Experts point out the problems that the new building owners will face. And that will certainly affect its price. In particular, the outdated infrastructure of a skyscraper. This makes it extremely costly to repair. In addition, the price of renting land under the building is increasing. In 2017, the fee was $ 7.75 million. And in 2018, the amount jumped to $ 32.5 million. By 2028, the rental cost will increase to $ 41 million per year.

The 77-storey Chrysler Building in East Manhattan was opened to the public by the Chrysler Corporation in 1930. It was designed by architect William van Helen. The skyscraper was the first building to surpass the Paris Eiffel Tower in height, and remained the tallest structure in the world until the opening of the Empire State Building in 1931.

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