New York's iconic Chrysler Building to sell for $150 million

The owners of the Chrysler Building have reached a deal to sell the iconic New York City building for "a little more than $150 million," The Wall Street Journal reported Saturday. The sale price of the tower in midtown Manhattan, considered an Art Deco masterpiece, marks a significant loss for Emirati investment firm Mubadala, which paid $800 million for a 90 percent stake in 2008.
Real estate group Tishman Speyer, which had bought the building outright for a reported $210-250 million in 1997, retained a 10 percent stake. The Journal reported that the building's owners do not own the ground beneath it and pay annual rent that went up from $7.75 million to $32 million in 2018 and was set to increase again to $41 million in 2028.