The Chrysler Building, New York’s Art Deco Monument, Is For Sale

The history of its ownership is quite varied. Tishman Speyer acquired and restored the 77-story building in the 90s. In the midst of the 2008 recession, the Abu Dhabi government bought 90 percent of it for $800 million. According to the New York Times, in 2019, co-owners Signa, an Austrian real estate company, and RFR, a New York-based development firm, then purchased the Chrysler for $150 million. 

That ownership was short lived, as Signa had to file for insolvency in 2023. After a $21 million eviction notice and courtroom battle, the building is now back on the market. The Cooper Union– a private college divided into the schools of architecture, art, and engineering– owns the land beneath the structure. Thus, they brought on the London-based real estate company, Savills, to take care of the sales.

Though the asking price is yet to be disclosed, whoever lands the building will still owe Cooper Union $32 million annually in rent, which Time Out expects is likely to rise to $41 million by 2028. And, this does not include the cost for much-needed maintenance repairs.  

Contrary to its beloved exterior design– which has become an iconic symbol of the New York City skyline– the interior is less than desirable, especially when considering the price. Ruth Colp-Haber, a real estate broker, shared with the Times that “it’s a tale of two buildings.” The glimmer of the crown’s sunburst patterns and the menacing eagle gargoyles surveying the ground below are just a mask, setting unrealistic expectations for what visitors will see on the inside. 

Current and past tenants have complained of outdated infrastructure, a lack of natural light and amenities, cracked ceilings, unreliable elevators, and even brown drinking water. Hopefully, the new buyer will come with an optimistic vision, as well as plans for renovations to revive the life inside New York City’s crown jewel.