One of the world’s most famous skyscrapers Is back on the market.
The Chrysler Building, an icon of the Manhattan skyline since 1930, is officially up for sale. The news, confirmed by The New York Times and Smithsonian Magazine, marks the beginning of a new chapter for the legendary Art Deco tower, now seeking a revival after years of decline and management troubles.
The Cooper Union College, which owns the land beneath the tower, has hired real estate firm Savills to find a new buyer. It’s a significant move, considering the building, once sold for $800 million, suffered a dramatic drop in value, changing hands in 2019 for just $150 million.
Further complicating the picture are the building’s structural and operational issues. According to accounts reported by the Times, the property suffers from poor natural lighting, malfunctioning elevators, unstable Wi-Fi, and even pest infestations. A former employee reportedly said that the tower now lacks “all the amenities found in other prestigious modern buildings.”
In addition to the need for renovations, there’s another major hurdle for potential buyers: the ground lease. The annual rent for the land stands at around $32 million a cost that has already strained previous owners. The Austrian company Signa, which co-owned the building, filed for bankruptcy in 2023. Meanwhile, American real estate firm RFR is currently facing eviction proceedings initiated by Cooper Union due to unpaid rent, further accelerating the sales process.
No official asking price has been released for the new sale, but market speculation suggests the building “could go for cheap,” despite its global prestige.
Construction of the Chrysler Building began in 1928, commissioned by Walter P. Chrysler and designed by architect William Van Alen. Though it held the title of the world’s tallest building only briefly, the skyscraper remains a landmark of early 20th-century architecture. Today, it is almost entirely occupied by office space, with no residential units inside.
