Austria's Signa partners with RFR to buy New York's Chrysler Building: sources

- Signa Holding GmbH, Austria’s largest privately owned real estate company, will buy the iconic Chrysler Building in New York City in partnership with property firm RFR Holding LLC for about $150 million, people familiar with the matter said.

Abu Dhabi had splashed out $800 million to own a 90 percent stake in the Chrysler Building at the onset of the 2008 financial crisis. Property values subsequently crashed, and in some cases never fully recovered. Weighing on the sale price was the rent that the Chrysler Building has to pay to the Cooper Union school, because it does not own the land underneath the property. The annual rent increased to $32.5 million in 2018 from $7.75 million in 2017. The lease will increase to $41 million in 2028, according to financial statements from Cooper Union.

Beautiful, iconic building. My fav!

Chrysler?

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Owners of Famed Chrysler Building Reach Deal to Sell TowerReal-estate firm RFR Holding and a foreign partner signed a contract to acquire the iconic building for a little more than $150 million, leaving a substantial loss for the current owners. Aren’t there apartments selling for $150 million in NYC? How is this possible? That sale at a loss signals the end of an era in America. We are NOW in an era of decline and destruction. Someone needed the money. Such an iconic building. AlexisAnttila
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