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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) .-

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