Chrysler Building Listed For Sale, Reports Say

MIDTOWN MANHATTAN, NY — Iconic Midtown Manhattan skyscraper the Chrysler Building is up for sale, according to reports.

Owners of the Art Deco masterpiece — which reigned as the tallest building in the world for 11 months — have hired a real estate firm to market the office tower to potential buyers, the Wall Street Journal first reported. Reports did not indicate the asking price of the building, but if you have to ask, you probably can't afford it.

The Chyrsler Building is currently owned by an Abu Dhabi government fund and New York-based developer Tishman Speyer. The skyscraper was constructed by Walter Chrylser of the Chrysler Corporation in the 1930s and served as the automaker's headquarters for decades.

Owners hope to cash in on a market for historic buildings, the Wall Street Journal reported. Investors from both the United States and overseas have snatched up buildings such as Chicago's Willis Tower and Midtown's Waldorf Asotira Hotel — which is being converted into condos — in recent years, according to the report.

"There might be a billionaire who comes along and says, ‘I want to tell the world I own the Chrysler Building,’" Adelaide Polsinelli of the real-estate services firm Compass, told the Journal.

While the Chrysler Building is tough to beat in terms of name recognition and prestige, its amenities may not be up to scratch for many modern office tenants. Whoever buys the building will also have to deal with the headaches that come with maintaining a 90-year-old skyscraper.

Tishman Speyer spent $100 million in improvements when it bought the tower in 1997, the Journal reported.

The Chrysler Building stands 1,046-feet-tall on the corner of East 42nd Street and Lexington Avenue. The landmarked tower was completed in 1930 and stood as the world's tallest building for just under a year until the completion of the nearby Empire State Building. The 77-story building is often counted among New York City's most impressive architectural marvels and an icon of the Art Deco style.

A message to a Tishman Speyer spokesperson was not immediately returned.

Read the full Wall Street Journal article here.

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