The famous Art Deco Chrysler Building, an icon of New York City architecture, is being put on the market, according to the Wall Street Journal.
Erected in 1930, modern business conditions have caught up with the building, owned by the Abu Dhabi Investment Council and New York developer Tishman Speyer, according to CNBC.
The landmark skyscraper faces competition from new office towers designed with facilities and amenities—like terraces, storage, and fitness centers.
In addition, the building’s owners face escalating rental costs for the land under the building, as well as significant expenses to update the property to compete.
The potential sales price is unknown. The Abu Dhabi Investment Council paid $800 million for a 90% stake in 2008, according to the New York Times. The owners might now be able to fetch a considerably higher price.
Investors have been buying marquee commercial properties in recent years. In 2015, a Chinese insurance company paid $1.95 billion for the Waldorf Astoria Hotel, the Times also reported.
The Chrysler Building’s owners hope to attract the same type of buyer, who is perhaps more interested in the cachet than in strict business realities.
