Skyscrapers in New York for sale: Hardly any interest in landmarks

New York (USA) – It is considered an icon of the Art Deco style and attracts thousands of tourists every year. But there is no buyer for this landmark of all things.

The Chrysler Building in Manhattan is one of the most famous skyscraper of the world, an eye-catcher in the skyline of New York. It was built shortly before the global economic crisis of 1929 – in just two years. The first tenants moved in in April 1930. At 318 meters, the building was briefly the tallest in the world at the time. Only a year later it was surpassed by the Empire State Building.

The roof crown made of stainless steel is unmistakable. The architecture stands for progress and modernity. Although the viewing platform was closed in 1945, the building remained a tourist magnet – until today. Law firms, a large artist agency and coworking providers work on around 117,000 square meters. The high-rise building has a total of 77 floors.

Why nobody wants the property

The buyer search for the Property has been running since mid-2025. Realtor Ruth Colp-Haber from Wharton Property says, according to the US financial magazine “Barron’s”, that the Chrysler Building is “beautiful” but has “many technical problems”. Her assessment: “A lot of renovation work and a lot of money would be necessary.” Tenants report old-fashioned, cramped offices with small windows. Paint is peeling off the walls, ceilings are cracked, elevators are broken. There are even complaints about unclean water from water dispensers and mouse or rat infestation.

In September 2024, a New York court ruled against the previous co-owner, Austria Signa Group by René Benkoexpropriated due to arrears of more than $20 million.

Skyscrapers at a bargain price

The consortium of RFR and the Signa Group bought the building in 2019 for just $151 million. In 2008, the Abu Dhabi sovereign wealth fund ADIC paid $800 million for 90 percent of the building. Therefore, the final purchase price was considered a bargain.

According to the real estate website Metro Manhattan 2004, the cost of new construction for a comparable building could be up to ten times as high. Actually they are Costs for construction has exploded not only in the USA since the corona pandemic. This is how the planned one should be Elbtower in Hamburg’s HafenCitywhich has now been reduced to just 52 floors and 200 meters high, still cost almost a billion euros.

What awaits the buyer of the landmark

The property on Lexington Avenue remains a major problem. It has belonged to Cooper Union, a college, since 1902. The owner of the Chrysler Building has to pay annual ground rent for it. In 2018 it was $20.1 million, now it is $32.5 million per year. In addition, the building has been a listed building since 1978. Any structural changes to the facade or interior must therefore be approved.