Abu Dhabi puts on sale the historic Chrysler building in New York

The owners of the historic Chrysler skyscraper, whose capital belongs almost entirely to a fund dependent on the Government of Abu Dhabi, have decided to hire the firm CBRE to put on the market the office building in New York.

According to the Wall Street Journal, which cites sources of the real estate group, the current owners of the iconic block want to get rid of their property due to the high maintenance costs, as well as competition from other new skyscrapers and with greater comfort.

Chrysler is 90% owned by the Mubadala fund, an investment group in Abu Dhabi, since 2008 and, in the words of one of its representatives, “is an iconic building with tremendous reputation value for the right buyer.”

Thus, Mubadala through CBRE seeks to attract international investors to offer them the opportunity to own a portion of the “skyline” of Manhattan and a part of the history of New York.

However, according to several real estate experts, the Emirati fund would have problems recovering the investment it made more than 10 years ago, when it paid 800 million dollars for the building.

All this without taking into account the maintenance costs of a skyscraper of the 30s and the investments that both Mubadala and the owner of the other 10%, the American group Tishman Speyer, have made.

“When things break, it takes a lot more time to fix them because there is only one guy in the world who has the tools to fix something from the 20s and 40s,” the vice president of the real estate sales firm told the newspaper. Compass, Adelaide Polsinelli.

In addition, the land on which the building is built is owned by the Cooper Union school, which in 2018 collected an income of 32.5 million dollars, which in 2028 will reach the figure of 41 million.

The Chrysler was designed by the architect William Van Alen and built between 1928 and 1930 to be for a short space of time – until the Empire State Building was completed in 1931 – the tallest building in the world. (EFEUSA) .-

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest

Vuelquez launches match without a hit and Pujols reaches 600 homers

Dominican starter Edinson Volquez made history in the majors and hoarded the reflectors of the majors by launching the best game of his life...

The Grammys postpone their nominations for the funeral of George H.W. Bush

The Recording Academy postponed the announcement of the Grammy nominations on Friday, December 7, initially scheduled for next Wednesday, so that it does not...

Paz Vega: A “beautiful moment” is experienced in the creation of fictions

 Miami, .- The Spanish actress Paz Vega stressed that today television "has been equated" in importance and audience with the cinema and this has...

Eva Longoria will work with Tessa Thompson in the movie “Sylvie”

Los Angeles (USA), .- The Latin actress Eva Longoria will be part of the cast of "Sylvie", a film that features Tessa Thompson ("Thor:...

New York Knicks owner James Dolan tests positive for coronavirus

New York Knicks owner James Dolan has tested positive for coronavirus, although he remains almost asymptomatic, the NBA franchise has confirmed. "Madison Square Garden Company...