For Sale: Chrysler Building

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The Chrysler Building is for sale! The Abu Dhabi Investment Council is currently in negotiations with German investment group TMW to purchase 75% of the historic building. TMW is the current owner of the portion of the building up for grabs. The investment group bought their stake of the building in 2001 for $300 million, and the Abu Dhabi Investment Council is now looking to buy the very same share for $800 million. The remaining 25% of the building is owned by Tishman-Speyer, who manages the entire building.

Though Tishman-Speyer and the soon-to-be owners, the Abu Dhabi Investment Council, are in possession of the building, the Chrysler Building is situated on property that is owned by Cooper Union. Cooper Union benefits from the arrangement through lease-payment agreements, using the money to help their students pay tuition.

The William Van Alen-designed Art Deco skyscraper atop the Chrysler building has a current value of over $1 billion. Surprisingly enough, Van Alen was never paid for his work.

Via Gothamist

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