Austria’s largest privately owned real estate company will buy the iconic Chrysler Building in New York City for about $150 million, Reuters reports.
Signa Holding GmbH, Austria's largest privately owned real estate company, will buy the iconic Chrysler Building in New York City in partnership with property firm RFR Holding LLC for about $150 million, people familiar with the matter told Reuters.
Abu Dhabi had splashed out $800 million to own a 90 percent stake in the Chrysler Building at the onset of the 2008 financial crisis. Property values subsequently crashed, and in some cases never fully recovered. The art-deco tower, which was the world's tallest building when completed in 1930 only to be eclipsed by New York's Empire State Building, is considered a crown jewel of the city's skyline. Its old age is fueling maintenance costs, however, and its historical status has often made modifications to the needs of its tenants difficult.
The deal marks Signa's debut in the U.S. property sector. Led by its founder René Benko, Signa has a sprawling real estate and retail portfolio in Europe. Its real estate assets are worth more than 14 billion euros , while its development projects have a gross asset value of over 8 billion euros, according to its website.
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