UAE sovereign wealth fund puts New York's Chrysler Building up for sale

UAE sovereign wealth fund puts New York's Chrysler Building up for sale
Published: 17 January 2019 - 11:18 a.m.
By: Michael Hasenstab

The sovereign wealth fund of the UAE's government is selling New York's famous Chrysler Building alongside real-estate company Tishman Speyer.

Designed by American architect William Van Alen, the Art Deco Midtown Manhattan office building was purchased in 2008 by the current owners of Abu Dhabi Investment Council for $800 million.

The asking price is unknown, but the sale of the historic building will be marketed by commercial real-estate services and investment firm CBRE.

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According to the Wall Street Journal and Dezeen, the total figure will be tied to the lease of the land the building sits on, which is owned by the Cooper Union – an institution for higher education in the US – which raised the annual fee for the site to $32.5 million in 2017.

One of the world's most recognisable skyscrapers in the world, the Chrysler Building was built between 1928 and 1930 for US car manufacturer Chrysler. Its most notable feature is its crown, which is clad in Nirosta steel and interspersed with triangular windows. Today, the building remains one of the most standout examples of Art Deco architecture.

Serving as Chrysler's headquarters from 1930 into the mid-1950s, the building's future use is currently unconfirmed – though architecture critic Paul Goldberger believes it should be converted into residential units, referencing the Woolworth Building in New York's Financial District as an example.

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