The owners of the Chrysler Building have reached a deal to sell the iconic New York City building for " [more] $ 150 million, "The Wall Street Journal reported Saturday.
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AFP
Art Deco masterpiece
The sale price of the tower in midtown Manhattan, considered an Art Deco masterpiece, a significant loss for Emirati investment firm Mubadala, which paid $ 800 million for a 90 percent stake in 2008.
Real estate group Tishman Speyer, which had bought the building outright for a reported $ 210-250 million in 1997, retained at 10 percent stake.
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AFP
Owners do not own the ground
The Journal reported that the building's owners do not own the ground beneath it and pay annual rent that went up from $ 7.75 million Revenue
AFR
Revenue
Citing brokers, the newspaper said those feasts have eaten away at much if not all of the building's revenue. "
The building also has some 400,000 square feet (37,160 square meters) of space that is either vacant or will become so in the coming years, the Journal said.
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Reuters
Dethroned
The Chrysler Building, which opened in 1930, stands 1,046 feet (319 meters) tall. It was the world's tallest building, but only for 11 months, after which it was dethroned by the Empire State Building, also in Manhattan.
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AP
Walter Chrysler [19659004] The building was a personal project for Walter Chrysler, the founder of the car manufacturer that bears his name, but remains separate from the auto business.
