Is Benko's Chrysler Deal in the Big Apple a Bargain?

PeopleEntrepreneurs ♦ Published: March 11, 2019; 21:56 ♦ (Vindobona)

The New York property firm RFR Holding LLC of German-American Aby J. Rosen, together with Signa Holding of Tyrolean real estate investor Rene Benko, is buying the traditional Chrysler Building in New York City for around 150 million dollars. The land is not part of the deal and the rent amounted to USD 32.5 million in 2018 and will continue to rise to USD 41 million a year by 2028.

The Chrysler Building - In 2008 the Abu Dhabi Investment Council purchased a 90 percent stake in the building for USD 800 million. / Picture: © Wikimedia Commons / Armstrongg [CC BY-SA 3.0 (]

The two investors have an equal stake in a joint venture that will acquire the tower.

The owners of New York’s iconic Chrysler Building, Abu Dhabi Investment Council (90%) and real estate firm Tishman Speyer (10%) have agreed to sell the art deco tower for a fraction of what they paid for it in 2008.

The Abu Dhabi Investment Council, which purchased a 90 percent stake…