Posted Mar 12, 2019, 8:42 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,900
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https://www.bloomberg.com/amp/news/a...der-new-owners
NYC's Chrysler Building May Become a Hotel Under Its New Owners
By Lily Katz and Katya Kazakina
March 12, 2019
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Aby Rosen’s RFR Holding LLC and Austrian real estate firm Signa Holding GmbH last week agreed to purchase the 77-story skyscraper near Grand Central Terminal for $151 million, significantly below the $800 million the Abu Dhabi Investment Council paid in 2008 for a 90 percent stake, according to a person with knowledge of the matter.
Rosen said in an email Tuesday that he would consider converting the tower into a hotel.
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The Chrysler Building, completed in 1930 in Art Deco style, would probably require millions of dollars in improvements, no matter what the new owners do with it. Keeping it as an office building would be a risky proposition at a time when New York tenants have been favoring new, amenity-packed skyscrapers at Hudson Yards on the far west side and the World Trade Center downtown.
It could cost between $150 million and $250 million to make the necessary upgrades, the person said.
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Adding to the new owners’ expenses is an increasingly costly ground lease. The land under the Chrysler Building is owned by Cooper Union, which last year raised the annual fee to $32.5 million from $7.75 million, according to the school’s financial statements. The rent will jump to $41 million in 2028 and $55 million in 2038.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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