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Chrysler Building has a new foreign owner

July 10, 2008 at 9:17 AM   |   Comments

NEW YORK, July 10 (UPI) -- German investors and Tishman Speyer Properties have sold 90 percent of the Chrysler Building to the government of Abu Dhabi, the company said.

Tishman Speyer, with its headquarters in New York, will continue to own 10 percent of the iconic skyscraper and manage and control the property, as it holds the lease for the land under the building, The New York Times reported Thursday.

The price for the 90-percent share was $800 million, sources said.

A New York City art deco landmark since 1930, the Chrysler Building, was briefly, at 77 stories high, the tallest building in the city. In height, it was surpassed in 1931 by the102-story Empire State Building.

But, the Chrysler Building's stainless steel crown and unique styling have made it a standout in one of the world's more recognizable city landscapes, the Times said.

© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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