New York’s iconic Chrysler Building has been put up for sale – without a price.
The Art Deco structure, one of the city’s most defining buildings, has been put up for sale by its owners, the Emirati investment firm Mubadala and developer Tishman Speyer.
A source close to the sale said the owners have not set a selling price.
The nearly 90-year-old building, which is situated in midtown Manhattan, was acquired by Mubadala in 2008 for $800m, for a 90% stake.
Tishman Speyer, which bought the entire building for a reported $210-250m in 1997, retained a 10% stake.
“It’s exciting. I’m getting inquiries from all over the world,” said Darcy Stacom, chairman and head of New York City Capital Markets at brokerage CBRE Group Inc.
Development of the Hudson Yards neighbourhood, on Manhattan’s West Side, is almost complete, driving prices down further for older buildings.
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.
In 1997, Tishman Speyer negotiated a long-term lease until 2147 with the privately owned Cooper Union University, which owns a third of the land underneath the Chrysler.
Potential buyers will have to take into account the deal which calls for a rent rise from $7.8m in 2017 to $32.5m from 2019-2027.
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