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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... View full entry
Amazon could be a new tenant in the Chrysler Building, already increasing its upcoming presence in New York.
The tech giant, which is bringing half of its second headquarters to Long Island City, is close to signing a lease for about 10,000 square feet in the famed property, according to the New York Post. The building’s owners, Tishman Speyer and Abu Dhabi Investment Council, are putting the landmark tower at Lexington Avenue and East 42nd Street up for sale.
— The Real Deal
The intention of the Chrysler Building owners to sell the iconic property at 42nd Street and Lexington Avenue made headlines last week. Securing a commercially attractive retail tenant, such as Amazon, would certainly improve the aging skyscraper's market value. View full entry
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. Gorgeous automobile-inspired facade details, symbols of a bygone industrial era. Image via Wikipedia.Strictly... View full entry
Earlier this month, The Real Deal put out a monster analysis looking at the biggest property owners across the city based on square footage, along with their annual net operating income.
Their thorough analysis is definitely worth a read, but right here we’re going to give you a breakdown of the top 10 biggest property owners in the city, and some of the projects you might recognize them for.
— ny.curbed.com
Curbed New York has put together a list of the top real estate players in NYC along with some of their notable projects in the city. Below are the top 10 property owners controlling NYC's built environment: 1. The City of New York 2. Vornado Realty Trust 3. SL Green Realty 4. Tishman Speyer... View full entry
The price, a record for a single U.K. office property, is remarkable given that the building will face ongoing maintenance costs, JPMorgan Chase & Co. analysts including Tim Leckie wrote in a client note. LKK, which sells Chinese herbal medicines, paid a 13 percent premium to book value for the property even as Land Securities’s shares trade at a 26 percent discount, he said. — Bloomberg
Land Securities Group Plc and Canary Wharf Group Plc agreed to sell the Rafael Viñoly-designed Walkie Talkie for 1.28 billion pounds ($1.7 billion) to Hong Kong-based LKK Health Products Group, founded in 1992 by the Lee Kum Kee family, whose primary business sells a variety of condiments... View full entry
Unless you live under a rock, you’ve probably read some think piece about how millenials aren’t buying homes. Sometimes this is construed as a cultural thing, but it probably has more to due with coming of age during and after the Great Recession.In any case, according to a BBC article... View full entry
What’s extraordinary about a smart contract is that it gives blockchain the power to not only record property rights but enforce them. Once deployed, a dozen lines of computer code can fulfill the same role as the county records office, the courts and the police. You can have “the function of a trusted bureaucracy without the expense of putting together a trusted bureaucracy”, Waldman explains. — the Guardian
The homeowner posts a price for the rental. The renter sends the money through her smartphone. Inside the front door is a very small computer connected to the internet. The computer knows when the renter is allowed to enter and unlocks the door for her when she pushes a button on her phone.Smart... View full entry
[Google and LinkedIn] announced a large, surprising property swap encompassing over three million square feet of existing and future real estate...
From Google, LinkedIn is picking up seven buildings...In return, Google is getting LinkedIn’s Mountain View headquarters office and...four different surrounding properties that enable Google to follow through on its ambitious plan for a new, green, crazy-futurist campus.
— recode
Following an unsuccessful bid last year, this is good news for Google as they continue to push toward making their dream campus a reality. Unleash the “crabots”.Previously on Archinect:Archinect Sessions Episode #19: Don't be Evil, Don't Throw StonesGoogle loses to LinkedIn in Silicon Valley... View full entry
California may be a capital of cosmetic surgery, but it’s not just noses and eyelids falling under the knife. A hot housing market is driving buyers to pay exorbitant sums for old, frumpy houses, knowing they’ll pay plenty more to remake them to modern tastes. Others currently own dowdy houses and choose to renovate rather than relocate. — Wall Street Journal
"While the dynamic is playing out in a number of U.S. cities, California’s plight is particularly intense because of Proposition 13, a 1978 amendment to the state constitution. It set property taxes based on 1975 assessments and capped future property-tax increases at 2% a... View full entry
Foster + Partners’ plans for the overhaul of London’s Grade II-listed Whiteleys shopping centre have got the go-ahead – despite opposition from locals.
Westminster City Council approved the contentious scheme last night, but will now look into setting conditions concerning the scale of two residential towers that form part of the proposal, alongside a gym, hotel, cinema and new shops.
— thespaces.com
For more on listed projects, take a look at previous coverage here:Another Grade II listed building loses its protected status in north east EnglandSex Pistols graffiti secures famous Tin Pan Alley building Grade 2* listed status View full entry
