Aby Rosen’s RFR Holding is purchasing the Chrysler Building, one of the world’s most recognizable skyscrapers [...]
One source with knowledge of the talks said that sale price was higher “but not much higher” than the bids in the $100 million-range [...]
The price is several notches lower than the $800 million the Abu Dhabi fund paid Tishman Speyer for a 90-percent stake in the tower in 2008.
— The Real Deal
When the Chrysler Building, arguably one of New York City's most beloved architectural landmarks, came up for sale again earlier this year, speculations emerged what the value of such an iconic, yet aging, real estate trophy would be.
The WSJ now confirmed that the 1930s Art Deco skyscraper changed hands "for a little more than $150 million"—a tremendous loss from the $800 million the tower's last owners, an Abu Dhabi sovereign wealth fund, paid for a 90-percent stake back in 2008.
Something funny is going on with the building sale. Mostly likely an elaborate scheme to avoid taxes by factoring in other considerations. Probably legal, but it would take an army of accountants to figure it out.
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... how is that possible ... ?
its commercial real estate. so the only way to make money is to do the boring, difficult work of finding tenants, signing leases, then waiting over a period of time to earn back your investment through rent.
whereas a new tower of luxury apartments is fast, sexy, and easy. you don't need to find "tenants" because luxury apartments aren't housing: they're devices for laundering money, expatriating capital, and avoiding taxes. you'll sell out before the first shovel hits the ground. you won't make money slowly over time, you'll make a fuck ton of money all at once.
tear it down and put up some more skinny stacked glass cubes.
And the Chrysler New Yorker sells for a mere $8 thousand. Another bargain!
That's the new yorker you picked? I get it that those flip headlights and multi-body deep trunk are cool... but this is more fitting the Chrysler building.
1948 New Yorker in gangster driveby red
LOL on your descriptions, NS! Point conceded.
Do you think white wall tires like those in my example would look good on a 10y old toyota? Asking for a friend of course.
They'd look great, AND would enable you (sorry, your "friend") to motorboat to New Jersey across the Hudson River. No pesky bridge for you!
Something funny is going on with the building sale. Mostly likely an elaborate scheme to avoid taxes by factoring in other considerations. Probably legal, but it would take an army of accountants to figure it out.
buy low and sell high ..... seems like something fishy going on here in Abu Dhabi
Abu Dhabi, is that the country were they are hosting the World Cup? It can also be a situation where they got swindled, bought a building that is not fully occupied and has a lot of deferred maintenance.
Abu Dhabi grossly overpaid for the property.
Aby Rosen's record as a steward of historic buildings is spotty at best.
Wtf
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