Once the tallest building in the world, the iconic Chrysler Building is up for sale. The 1,046 foot high, 77-story building was bought in 1997 by Tishman Speyer, who gave it a $100 million makeover before selling 90% to the Abu Dhabi Investment Council. Now, faced with high costs and occupancy in the low 80 percent range for its 1.26 million square feet of commercial space, the Abu Dhabi Investment Council is looking to recoup the $800 million investment they made in 2008.
One of the drawbacks of the Chrysler Building is that it stands on ground owned by The Cooper Union school, which charged $32.5 million to lease the land last year alone. Still, the building’s renowned Art Deco style and its location adjacent to Grand Central Terminal make it a huge draw for tourists, and real estate speculators claim the lower floors of the property could be turned into retail space to increase traffic.
Brokerage CBRE Group, hired to market the building, has not released the asking price as yet, but claims they are receiving inquiries from all over the world.