What is the secret of the sale of the UAE "Mubadala" skyscraper in New York, lower than the purchase price?

NEW YORK (Reuters) – Abu Dhabi's sovereign wealth fund, Mubadala, and its American partner Tishman, are selling the Chrysler building, a popular skyscraper in New York City, at a price well below its value, but for good business reasons.

The deal will be $ 150 million, according to Maslid, while Mubadala bought 90% of the ornate skyscraper, up from $ 800 million in 2008, just before the outbreak of the global financial crisis in the mortgage market American. The real estate company Tishman Shpair owns the remaining 10%.

The buyer is RFR Holdings, a New York-based real estate company, and officials at Tishman and RFR have not responded to a request for comment.
The agreement has not yet been announced, but an agreement was reached very quickly with the buyer, just two months after it was put on the market, while the CBRE group was acting as sales agent.

The main reason given by the iconic owners to sell it and suffer significant losses is the high rent they paid to Cooper Union, a New York college, of land located under the building.

The rent went from $ 7.75 million last year to $ 32.5 million in 2019, then to $ 41 million in 2028, while rents do not increase at the same pace. The building, a monument on the New York skyline, with new office towers featuring floor-to-ceiling windows and all the modern amenities.
Nevertheless, the building is still among the best in the city, even for people who have never been to New York. Known for its triangle-shaped windows, which work in the fantasy crown, with its distinctive eagle near its summit.

The historic building has featured prominently in many films, including Men in Black 3, Spider-Man, Armageddon and Independence Day.
The Chrysler building was the seat of the American automaker until 1953, but it was named and owned by Chrysler President, Walter Chrysler, and not to the company itself.
Walter Chrysler began building the tallest building in the world, while the competition with another skyscraper in Manhattan was under construction at 40 Wall Street, at the southern tip of Manhattan, and that he kept plans for the tower The structure is far from the public until Wall Street is 40 years old.