New York's iconic Chrysler Building put up for sale
By Herbert Lash
New York City's iconic Chrysler Building that was opened in 1930 on East 42nd Street is seen in Manhattan, New York, U.S., January 9, 2019. REUTERS/Mike Segar
NEW YORK (Reuters) - The Chrysler Building, an Art Deco masterpiece that has been a defining image of New York City's skyline for decades, has been put up for sale, a minority owner of the building and a broker hired to market the property said on Wednesday.
The 77-story stainless steel-clad skyscraper, briefly the world's tallest building after it was finished in 1930, is 90 percent owned by the Abu Dhabi Investment Council, a sovereign wealth fund, with developer Tishman Speyer owning the remainder.
"It's exciting. I'm getting inquiries from all over the world," said Darcy Stacom, chairman and head of New York City Capital Markets at brokerage CBRE Group Inc
The 1.26 million square foot building underwent a $100 million renovation after Tishman acquired the property in 1997. Tishman later reduced its holding. The sovereign wealth fund paid $800 million when it bought its stake in 2008.
The building's brand and its location on 42nd Street just east of Grand Central Terminal, a major Manhattan transportation hub, are ripe for greater retail exploitation, Stacom said.
The building's occupancy rate is in the low 80 percent range, below the city average, according to CBRE. Stacom declined to reveal the asking price for the building.
Stacom declined to give the building's asking price.
Buildings on average are 50 years old in Midtown and many store-fronts are empty, hard hit by e-commerce. With the new Hudson Yards district on the far West Side attracting major corporations, concerns have been raised about Midtown's appeal.
But Midtown remains a favored business destination. JPMorgan Chase & Co
Age could be a selling point, too, as seen by the popularity of Midtown South, which has the city's lowest vacancy rate and companies such as Alphabet Inc's
The decision to sell a property is driven by numerous factors, not often due to unsatisfactory performance, said Patrice Derrington, director of the real estate development program at Columbia University.
"New York City constantly offers an appropriately varied array of formats for office tenants, creating a complementary ecosystem," she said.
(Reporting by Herbert Lash; Additional reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur and Lisa Shumaker)
Kenya classroom collapse kills seven children, injures 64 NAIROBI (Reuters) - Seven children were killed and 64 injured when a classroom collapsed as students were starting their morning lessons at a school in Kenya’s capital Nairobi on Monday, officials said. Television stations showed images of...READ MORE...
UK PM Johnson says: don't expect Brexit breakthrough in New YorkBy Kylie MacLellan FILE PHOTO: Britain's Prime Minister Boris Johnson meets with Qatar's Emir Sheikh Tamim bin Hamad Al Thani at Downing Street in London, Britain September 20, 2019 Frank Augstein/Pool via REUTERS/File Photo NEW YORK...READ MORE...
Bomb disposal officers respond to suspect package at UK's Manchester Airport Police officers are seen as a suspect package was found at Manchester Airport, in Manchester, Britain September 23, 2019. REUTERS/Phil Noble LONDON (Reuters) - Bomb disposal officers carried out a controlled explosion on...READ MORE...
British Labour leader Corbyn faces showdown with party members over BrexitBy Elizabeth Piper and William James Britain's Labour Party leader Jeremy Corbyn delivers his keynote speech at the Labour Party Conference in Liverpool, Britain, September 26, 2018. REUTERS/Phil Noble/Files BRIGHTON,...READ MORE...