There may be a new buyer for the Chrysler Building — despite its steep ground lease and shabby conditions [Yahoo! Finance]
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Source: Yahoo! Finance
Tishman Speyer is now the reported front-runner in “advanced talks” to renew its former ownership there, Crain's reported — but the Art Deco gem's longtime ground lease holder might need to make some concessions. Developed in 1930, the Chrysler Building rises 77 stories above Midtown, and offers tenants direct access to Grand Central. Tishman Speyer took up ownership of the iconic office tower in 1997 for $220 million, and undertook its most recent renovation back in 2000. The company sold off its stake piece-by-piece over the years, including on 2008 deal that valued the building at $800 million. By 2019, however, Tishman Speyer's ownership was handed over to RFR and Signa Holding in a final transaction that valued the iconic Chrysler Building at just $150 million. Its sky-high ground lease was largely to blame, and continued to be a thorn in the side of negotiations. Tishman Speyer's return to the Chrysler Building's hallowed halls reportedly depends upon negotiating the re
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