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Thu Jan 10, 2019, 05:36 AM

Manhattan's iconic Chrysler Building up for sale

Jan. 9 (UPI) -- Manhattan's iconic Chrysler Building is up for sale and the current owners have hired CBRE Group to market the property globally.

The skyscraper, at one point the world's tallest building, is currently owned by an Abu Dhabi government fund and New York developer Tishman Speyer.

The Wall Street Journal reported that the Abdu Dhabi Investment Council purchased a 90 percent stake in the property in 2008 for $800 million. But that came before the Great Recession, leaving some to wonder if they could get such an offer again for an office building finished in 1930.

"There might be a billionaire who comes along and says, 'I want to tell the world I own the Chrysler Building,'" Adelaide Polsinelli, vice chair of the commercial investment sales and leasing division at real-estate services firm Compass, said about the potential sale.

Read more: https://www.upi.com/Top_News/US/2019/01/09/Manhattans-iconic-Chrysler-Building-up-for-sale/1471547047509/

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Reply Manhattan's iconic Chrysler Building up for sale (Original post)
TexasTowelie Jan 2019 OP
Rhiannon12866 Jan 2019 #1
TexasTowelie Jan 2019 #2
Rhiannon12866 Jan 2019 #3
TexasTowelie Jan 2019 #4
George II Jan 2019 #5

Response to TexasTowelie (Original post)

Thu Jan 10, 2019, 05:47 AM

1. psst!

Link is from a previous story.

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Response to TexasTowelie (Reply #2)

Thu Jan 10, 2019, 05:51 AM

3. Thanks!

I'd seen the previous story so I knew...

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Response to Rhiannon12866 (Reply #3)

Thu Jan 10, 2019, 05:56 AM

4. The sites that have the continuous scrolls into further content

sometimes catch me off guard. I wonder if the new owners will try to get King Kong to make a visit? I heard that they felt slighted since he went to the Empire State Building instead.

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Response to TexasTowelie (Original post)

Thu Jan 10, 2019, 11:34 AM

5. The Chrysler Building has been sold several times over the years. I'm particularly interested....

....in this building because, first it's a beautiful building, but more importantly it helped pay for my college education.

The land on which the building stands is owned by Cooper Union, my college. They have a unique deal with the city that has been in effect for probably over 100 years. They pay zero for property taxes. Instead of the building owner paying taxes to the city, they pay the equivalent to Cooper Union, which goes into their endowment fund. Right now, that's about $8 million a year.

It's a very small college in the East Village (at the north end of the Bowery), and students pay no tuition. For a while in recent years a tuition was assessed (long after I graduated) but they just eliminated it again.

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