With a sharp price drop, they sold Chrysler's iconic skyscraper in New York – 03/09/2019

The owners of the skyscraper Chrysler, one of New's most iconic, they have reached an agreement to sell the building for $ 150 million, a figure well below what they paid a little over ten years ago.

According to the Wall Street Journal, its owners, Emirati investment company Mubadala and real estate group Tishman Speyer, have transferred the 77-storey building to the RFR fund of New York real estate investor Aby Rosen and an anonymous "foreign partner".

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The background of Mubadala had disbursed $ 800 million in 2008 for 90% of its capital.

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Tishman Speyer, who had bought the entire building for about $ 210 to $ 250 million in 1997, had retained 10%.

This sale comes at a difficult time for real estate in New York in general and in Manhattan in particular.

The Hudson Yards on Manhattan's west coast will soon have more than 1.6 million square meters of new office space and housing, which will further increase the downward pressure on older buildings.

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Another element that could frighten potential buyers is that the land on which the Chrysler is built belongs to a third party, the private Cooper Union University.

In 1997, Tishman Speyer negotiated with the faculty a long-term lease until 2147, stipulating that the rent would increase from 7.8 million in 2017 to 32.5 million per year from 2019 to 2027, according to reports. documents consulted by AFP. .

Only the value of the land was estimated at $ 679 million at the end of 2017.

Opened in 1930 the Chrysler was, for eleven months only, the tallest building in the world with its 319 meters, before being dethroned by the Empire State (381 meters from the roof, 443 from the top of the needle).

Although named after its founder, Walter Chrysler, this company has never set up its offices in this tower at 42nd Street and Lexington Avenue.

Source: agencies