The Chrysler Building has been an iconic part of the NYC skyline since its completed construction in 1930. Yet, almost a century later, the magnificent art deco building has deteriorated.
Former employees in the building told The New York Times about various problems including poor cell service, little natural light, pest infestation, flawed elevators and so on. It essentially lacks “all the amenities that so many other trophy buildings have,” the Times wrote in an article last year.
Cooper Union college, the owner of the land beneath the Chrysler Building, is now working with Savills, a real estate firm, to carry out the sale of the nearly century-old NYC landmark, and according to Smithsonian magazine, it might “go for cheap.”
As with previous sales of the Chrysler Building, Cooper Union still owns the land but charges rent to whoever purchases the building. In 2019, the Chrysler Building sold for $150 million to Signa, an Austrian real estate company, (who filed for insolvency in 2023 and was court ordered to sell its shares) and RFR, an American development company. As of this year, Cooper Union attempted to evict RFR after failing to not pay rent and is seeking new owners.
Before the 2019 sale, the Abu Dhabi government bought the Chrysler Building for $800 million in 2008 (more than 5x what it sold for 11 years later).
It’s been almost a decade since the Chrysler building was on the market, and with its need for renovations and its pricey ground rent (currently $32 million/year), it will likely go for lower price than one might expect, given its notoriety. No official asking price has been disclosed.
The historic building was originally commissioned by Walter P. Chrysler, the founder of Chrysler Corporation (hence its name). Chrysler then employed architect, William Van Alen, to design the structure as the world’s tallest tower. It successfully held such a title, topping out at 1,048 feet, for just under a year before the Empire State Building surpassed it in height by 1931.
Although you’re surely familiar with the building’s exterior, many don’t know what is housed on the inside of the building. Nearly all of the Chrysler Building’s interior is for office spaces. There are no residential units inside the building.
Stay tuned to learn about any potential buyers.