New York's iconic Chrysler Building put up for sale

Chrysler Building

Chrysler Building

The famous Art Deco Chrysler Building, an icon of New York City architecture, is being put on the market, according to the Wall Street Journal.

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. Tishman Speyer owns the remaining 10 per cent stake.

Neither firm would offer a comment when contacted by AFP.

The announcement comes at a hard time for the NY real estate market, especially in Manhattan.

Development of the Hudson Yards neighbourhood, on Manhattan's West Side, is nearly complete, driving prices down further for older buildings.

That has driven prices down even further for older buildings.

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The land beneath the 77-floor building is owned by the Cooper Union school - and costs a pretty penny to lease. Tishman Speyer spent $100 million in improvements when it took over the tower in 1997. In 2017, the rent was $7.75 million, but the price swelled a year ago to $32.5 million.

The value of the land alone was estimated at $679m in late 2017.

The Chrysler architect waited until the Bank of Manhattan tower had reached its full height before hoisting a 185-foot spire, which he had constructed in secret inside the building, thus clinching the coveted title of the world's tallest tower.

The 77-storey stainless steel-clad skyscraper on the intersection of 42nd Street and Lexington Avenue was finished in 1930 and was briefly the world's tallest building before the Empire State Building dethroned it 11 months later.

The building, which is 319m (1,046ft) tall, was built by Walter Chrysler, the founder of the vehicle manufacturer, with his own money so his children could inherit it.

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