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New York's iconic Chrysler Building put up for sale

Reuters  |  NEW YORK 

By Herbert Lash

NEW YORK (Reuters) - The Building, an Art Deco masterpiece that has been a defining image of New York City's skyline for decades, has been put up for sale, a minority owner of the building and a hired to market the property said on Wednesday.

The 77-story stainless steel-clad skyscraper, briefly the world's tallest building after it was finished in 1930, is 90 percent owned by the Abu Dhabi Investment Council, a sovereign wealth fund, with developer Speyer owning the remainder.

"It's exciting. I'm getting inquiries from all over the world," said Darcy Stacom, of Capital Markets at brokerage CBRE Group Inc .

The 1.26 million square foot building underwent a $100 million renovation after acquired the property in 1997. later reduced its holding. The sovereign wealth fund paid $800 million when it bought its stake in 2008.

The building's brand and its location on just east of Grand Central Terminal, a major transportation hub, are ripe for greater retail exploitation, Stacom said.

The building's occupancy rate is in the low 80 percent range, below the city average, according to CBRE. Stacom declined to reveal the asking price for the building.

Stacom declined to give the building's asking price.

Buildings on average are 50 years old in and many store-fronts are empty, hard hit by With the new district on the far West Side attracting major corporations, concerns have been raised about Midtown's appeal.

But remains a favored business destination. plans to build a new headquarters on nearby Park Avenue. One Vanderbilt, a marquee office tower, is rising just west of Grand Central.

Age could be a selling point, too, as seen by the popularity of South, which has the city's lowest vacancy rate and companies such as Alphabet Inc's and occupy century-old structures.

The decision to sell a property is driven by numerous factors, not often due to unsatisfactory performance, said Patrice Derrington, at

"constantly offers an appropriately varied array of formats for office tenants, creating a complementary ecosystem," she said.

(Reporting by Herbert Lash; Additional reporting by in Bengaluru; Editing by and Lisa Shumaker)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Thu, January 10 2019. 01:39 IST