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Business

The Chrysler Building, a famous part of the Manhattan Skyline, is on the block




New York City's iconic Chrysler building is for sale.

The owners of the art deco office tower in the 1930s Abu Dhabi government fund and New York developer Tishman Speyer have employed

CBRE Group
Inc.

to market the property, according to Darcy Stacom, head of the company's New York City Capital Markets Group.

In recent years, US and foreign investors have splurged on well-known features such as the Willis Tower in Chicago and New York's Waldorf Astoria Hotel, which a Chinese insurance company paid $ 1.95 billion in 2015 – a record for a US hotel sale. The Chrysler Building owners are hoping to attract deep pockets from around the world, giving them the opportunity to own a famous piece of Manhattan skyline and a piece of New York City history.

Estimates of property value vary widely. However, a number of real estate agents believe that the Chrysler building could fight to raise $ 800 million paid by the Abu Dhabi Investment Council for a 90% stake in the property in 2008, shortly before the financial crisis led to a fall in property prices.

The landmark building on Manhattan's east side competes for tenants with shiny new office towers, designed especially for today's tastes, many feature floor-to-ceiling windows and modern conveniences such as sweeping outdoor terraces, bike storage and state-of-the-art art gyms.

The cost of improvements and maintenance for the nearly 90-year-old building, and the escalating fees for leasing the ground below the building, can also weigh on the selling price.

"There may be a billionaire coming together and saying," I will tell the world I own the Chrysler building, "says Adelaide Polsinelli, vice president of commercial investment sales and leasing division of real estate services firm compass.

Men, la she added, there are disadvantages to owning a pre-war building. "When things break, it takes much longer to fix because there is only one guy on the planet who has tools to fix something from the 1[ads1]920s and 1940s," said

Designed by William Van Alen, the 77-story skyscraper was built between 1928 and 1930 in the midst of a lively competition to become the world's tallest building, Chrysler Corp. founder Walter P. Chrysler took over the project from the developer. ] Mr Chrysler and Mr. Van Alen race against the Bank of Manhattan, rise on 40 Wall Street, to become the world's tallest structure.The Chrysler building is 185 foot spire, secretly built and then assembled on the 65th floor, would vault the tower in front its main course In 1929, a 20-ton derrick traveled and nodded the rack in just 90 minutes, a technique of the time.

The Chrysler Building held the world's tallest title only shortly before it was surpassed by the Empire State Building, which was completed in 1931. It served as the headquarters of the Chrysler Corp. until 1953, and continued to hold its place in popular culture, featured in many films from "Independence Day" to "Spider-Man" and "Men in Black 3." Lego offers a Chrysler Building set.

The building owners want to sell as the Manhattan real estate market has cooled off from the 2016 peak.

Sales prices hit a hit in 2017 when Chinese investors withdrew. But the activity started to pick up again last year. Market orientation can cause some investors to seek security against brick and mortar in big cities, says Jim Costello, senior director of Real Capital Analytics.

"In Manhattan, you know what you're getting, and there's some degree of certainty," he said.

Initially, Tishman Speyer spent $ 100 million on improvements when it took over the tower and two other properties in 1997. The partnership with Abu Dhabi has spent extra money to maintain the building and attract new tenants, such as the Creative Arts Agency and co-working firm spaces.

A new owner may need to spend even more to make the property attractive to new companies wishing to hire young employees, say office builders.

Some cite longtime rival Empire State Building as an example. In 2006,

Empire State Realty Trust

launched a $ 550 million modernization that included new mechanical systems, updated elevators, and lobby recovery. The owner also added facilities such as a restaurant with private executive dining, a new antenna system for wireless reception and a renting fitness center. LinkedIn Corp., Expedia Group Inc. and

Shutterstock
Inc.

are recent tenants.

The Chrysler building also faces rising costs related to a lease. The country under the building is owned by Cooper Union School. The building's owners paid the school $ 7.75 in rent in 2017, but the annual lease went to $ 32.5 million last year. It rises to $ 41 million by 2028, and there are other related charges along with the lease, according to Cooper Union's financial documents.

Sill, some real estate investors say that the 1930s buildings hold a certain appeal, with their distinct architecture and solid floor plans. Some technology companies also welcome old properties. Google paid $ 2.4 billion last year to a former warehouse, known as the Chelsea Market, dating back to the 19th century.

Write to Keiko Morris at Keiko.Morris@wsj.com



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