New York's Chrysler Building to be put up for sale

The owners of the Chrysler Building skyscraper in New York are planning to sell the building, The Wall Street Journal reports, citing NYC Capital Markets Group Chairman Darcy Stacombe.

The skyscraper is currently 90% owned by the Abu Dhabi Investment Council, a state fund of Abu Dhabi. The remaining 10% is owned by Tishman Speyer Properties, a company that specializes in real estate investments.

Who might buy the skyscraper and for what price it might be purchased is not specified. Investors surveyed by The Wall Street Journal suggest that the Chrysler Building will hardly sell for $800 million, which is how much the Abu Dhabi fund paid for a 90 percent stake in the building in 2008.

The Chrysler Building's price may be affected by high repair and maintenance costs for the nearly 90-year-old building, The Wall Street Journal notes.

• The Chrysler Building skyscraper is one of the symbols of New York. It was built by order of the Chrysler automobile corporation in 1930. The building remained the headquarters of Chrysler until 1953, then changed owners several times.
• The Chrysler Building is 320 meters high. For 11 months, until the construction of the 380-meter Empire State Building in 1931, the Chrysler Building remained the tallest building in the world.