Free Republic

The Chrysler Building, a long-admired gem of New York City’s skyline, could be the latest victim of the nationwide office collapse. The lease between Cooper Union, which owns the land on which the building sits, and RFR Holding was terminated last week, The Wall Street Journal reported. Cooper Union, a private college in the city, told the Journal that RFR Holding had not paid its rent since May and owed it $21 million. “As a result of their nonpayment, they are in default of the ground lease agreement,” John Ruth, Cooper Union’s vice president of finance, said in a statement...

New York City’s iconic Chrysler Building is up for sale. The owners of the 1930 art deco office tower—an Abu Dhabi government fund and New York developer Tishman Speyer—have hired CBRE Group Inc. to market the property, according to Darcy Stacom, chairman of the firm’s New York City capital markets group. In recent years, U.S. and overseas investors have splurged on famous properties like the Willis Tower in Chicago and New York’s Waldorf Astoria Hotel, for which a Chinese insurer paid $1.95 billion in 2015—a record for a U.S. hotel sale. The Chrysler Building’s owners are hoping to attract deep-pocketed...

The latest Big Apple trophy being coveted by oil-rich sovereign wealth funds is the landmark Chrysler Building. Sources say the super-rich Abu Dhabi Investment Council is negotiating an $800 million deal for a 75 percent stake in the Art Deco treasure that has defined the Midtown skyline since 1930. The Chrysler assets would be purchased from TMW - the German arm of an Atlanta-based investment fund that's been eager to cash out of its Chrysler stake. The deal follows last month's sale of the GM Building and three other Macklowe/Equity Portfolio properties for $3.95 billion to a group of investors...