If you’ve ever wanted to own a (massive) part of New York City history, now’s your chance. The only kicker: you’re going to need a pretty impressive budget to claim this one.
According to the Wall Street Journal, the owners of New York City’s Chrysler Building have put it up for sale. While there’s no definitive price on the iconic architecture just yet, the current owners paid a slick $800 million for a 90 percent share of the building back in 2008. Real estate investors seem divided on whether or not the property will elicit the same value today.
The 90-year-old building comes with its Art Deco charms, but it’s those very elements that make it tougher to sell on the market. “When things break, it takes much longer to fix because there’s only one guy on the planet that has the tools to fix something from the 1920s and 1940s,” Adelaide Polsinelli, vice chair of commercial investment sales and leasing at Compass, shared in an interview with the Wall Street Journal.
Not only is the 77-story building known for its historic architecture, but it’s also been featured in many blockbuster films, from Men in Black 3 to Armageddon. Up until 1930 when the Empire State Building came into the scene, the Chrysler Building was the world’s tallest building. While it doesn’t hold that particular title anymore, it does have a few others under its belt: it’s the eighth-tallest building in New York City, but it’s still the tallest brick building with a steel frame in the world.
Commercial real estate firm CBRE Group Inc has been hired to handle the sale of this icon. While telling people you own the Chrysler Building is certainly a power move, you’re also purchasing a surprisingly petty and funny piece of history. Architect William Van Alen used the opportunity to build something for his client William Chrysler to settle a personal score against his former business partner Craig Severance. In order to make sure the Chrysler Building remained taller than Severance’s Bank of Manhattan Trust Building, Van Alen waited until the opposing project was completed before adding the final touch to the Chrysler Building: a 185-foot spire that was made in secret, securing the title as the world’s tallest building.