New York's iconic Chrysler Building to be sold for $150 million: Report

New York : The Chrysler Building owners have decided to seal the deal of the iconic New York City building for "a little more than $150 million," The Wall Street Journal reported on Saturday.

The sale price happens to be a loss deal for Emirati investment firm Mubadala that has paid a whopping $800 million for 90 per cent stakes in 2008. Real estate group Tishman Speyer, which had bought the building outright for a reported $210-250 million in 1997, retained a 10 per cent stake.

According to the news report, the owners do not own the ground beneath it and pay annual rent that went up from $7.75 million to $32 million in 2018 and was set to increase again to $41 million in 2028.

Citing brokers, the newspaper said those fees "have eaten away at much if not all of the building's revenue."

About Chrysler Building

Art Deco masterpiece was opened in 1930 and it is 319 meters tall. It was the world's tallest building, but only for 11 months, after which it was dethroned by the Empire State Building, also in Manhattan.

The building was a personal project for Walter Chrysler, the founder of the car manufacturer that bears his name, but remained separate from the auto business.