New York City’s iconic Chrysler Building is up for sale. The owners of the building, an Abu Dhabi government fund and New York developer Tishman Speyer, have hired a commercial real estate firm to market the art deco office tower, which was completed in 1930. The building’s owners are hoping to attract deep-pocketed buyers, offering them the opportunity to own a famous slice of the Manhattan skyline. In recent years, U.S. and overseas investors have splurged on famous properties like 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. Estimates for the property’s value vary widely due to the costs of upkeep for the nearly 90-year-old building, and the escalating fees for leasing the ground beneath it. “There might be a billionaire who comes along and says, ‘I want to tell the world I own the Chrysler Building,’” said Adelaide Polsinelli, vice chair of the commercial investment sales and leasing division at real-estate services firm Compass.
