Abu Dhabi, the Persian Gulf Emirate that’s the Chrysler Building’s majority owner, is considering a sale of the 77-story tower after about a decade of ownership, people with knowledge of the matter said Wednesday. Abu Dhabi Investment Council, the government’s sovereign wealth fund, paid $800 million for a 90 percent stake in 2008. — Bloomberg
Roughly ten years after changing ownership to an Abu Dhabi sovereign wealth fund, the iconic Chrysler Building is back on the market again. But what is a trophy worth?, asks Bloomberg.
Strictly going by cold, hard math, the 1.2 million-square-foot Art Deco property, which for a brief moment in the 1930s was the world's tallest building, could be valued at up to $1.8 billion (and that is without the land underneath the tower which is owned by the Cooper Union school and leased for a whopping $32.5 million annually). And the sentimental value could add a special trophy premium that not all buildings in New York City get to enjoy.
The cost to maintain the aging skyscraper and to bring its amenities and infrastructure up to competitive standards that could attract technology-reliant tenants however pulls the realistic asking price further down again.
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