By Keiko Morris The Wall Street Journal Wed., Jan. 9, 2019 New York City’s iconic Chrysler Building is up for sale. The owners of the 1930 art deco office tower—an Abu Dhabi government fund and New York developer Tishman Speyer—have hired CBRE Group Inc. to market the property, according to Darcy Stacom, chairman of the firm’s New York City capital markets group. In recent years, U.S. and overseas investors have splurged on famous properties like the Willis Tower in Chicago and New York’s Waldorf Astoria Hotel, for which a Chinese insurer paid $1.95 billion (U.S.) in 2015—a record for a U.S. hotel sale. The Chrysler Building’s owners are hoping to attract deep-pocketed suitors from across the globe, offering them the opportunity to own a famous slice of Manhattan skyline and a piece of New York City history. Estimates for the property’s value vary widely. But a number of real-estate investors believe the Chrysler Building could struggle to recoup the $800 million that the Abu Dhabi Investment Council paid for a 90% stake in the property in 2008, shortly before the financial crisis caused real-estate prices to plummet. The landmark building on Manhattan’s East Side is competing for tenants with gleaming… Read full this story
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