The one-time tallest building in the world is an iconic part of Manhattan’s skyline.
One of New York City’s most recognizable buildings could soon have a new owner. The Chrysler Building is currently up for sale.
The Abu Dhabi investment fund which currently owns the majority share of the Art Deco landmark has reportedly hired CBRE group to sell the property.
According to the Wall Street Journal, which first broke the news of the sale, “Estimates for the property’s value vary widely,” but the Abu Dhabi Investment Council paid $800 million for a 90 percent stake in the property in 2008. That said, the paper cites a number of industry sources who think it might be difficult for them to fully recoup the funds as it was bought just before the recession.
While the one-time tallest building in the world is an iconic part of Manhattan’s skyline, whoever purchases it will face obstacles given the property’s age, and the rising costs of its ground lease from Cooper Union, which, according to the Journal will go up to $41 million in 2028 from $32.5 million last year. Enticing new tenants could also require renovations and more modern facilities.
But no matter who buys the property, we’re hoping the new owners consider reopening the Cloud Club. A long-shuttered lunch spot on the building’s 66th, 67th, and 68th floors that closed in 1979.
The late Dr. Charles M. Weiss, a dentist whose office was in the Chrysler building for years, once described the restaurant to the New York Times: ”The club was a proud reminder of the history of the city,” he said.
”It was immaculately kept, the food was excellent and the view was sensational.”