Business,  Real Estate Investing

Chrysler Building Under Contract with Austrian Real Estate Company

Austria’s largest private real estate company Signa Holding is under contract to  buy New York City’s Chrysler Building for a significantly smaller chunk of change than the previous owners purchased it for about a ten years ago.

An Austrian Attorney associate filled me in over the weekend that Signa, in partnership with RFR Holding LLC, will buy the tower for about $150 million. The agreement is said to have been signed Last week.

The Chrysler Building is Art Deco Style, located on Manhattan’s East side. Built in the late 1920’s and early 1930, it housed the Chrysler Corporation.

It contains 1.26 million square feet of space that is approximately 75% leased. This occupancy rate is below the city’s average.

At a price of 120 dollars per square foot this seems like it might be a good investment. The questions remain, what are the expected renovations and will that solve the vacancy issue? Why did the past ownership the Abu Dabi Investment Council unload the building that they paid 800 million for?

It will be interesting to see how this property unfolds in the future. The contract is at this writing still in the Due Diligence stages, so, we will see.

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