Home business What is the secret of selling the skyscraper "Mubadala" UAE in New...

What is the secret of selling the skyscraper "Mubadala" UAE in New York, less than the purchase price?

NEW YORK (Reuters) – Mubadala, the sovereign wealth fund of Abu Dhabi and its American partner, Tishman, sell the Chrysler building, a popular skyscraper in New York, at a price far below the value, but for good business reasons.

According to Maslid, the deal will be worth $ 150 million, while Mubadala bought 90 percent of the graceful skyscraper, up from $ 800 million in 2008, just before the global financial crisis erupted from the US mortgage market. Tishman Shpair Real Estate Company owns the other 10%.

The buyer is RFR Holdings, a real estate company in New York, and the officials of Tishman and RFR have not responded to a request for comment.
The deal has not yet been announced, but an agreement has quickly been reached with the buyer, only two months after it was announced to the public on the market, while the CBRE Group acted as agent of the sellers.

The main reason for the iconic owners to sell it and suffer significant losses is the high rent that the owners pay to Cooper Union, a college in New York, of the land below the building.

Rents rose from $ 7.75 million last year to $ 32.5 million in 2019, and rose again to $ 41 million in 2028, while rents did not rise at the same pace. The building, a milestone in the New York skyline, with new office towers with large floor-to-ceiling windows and all modern amenities.
Yet the building is still one of the best in the city – even for people who have never been to New York. Known for its triangular windows, which work in the beautiful crown, along with its distinctive eagle near its height.

The monumental building has been prominent in many films, including Men in Black 3, Spider-Man, Armageddon and Independence Day.
The Chrysler building was the headquarters of the American car manufacturer until 1953, but was mentioned and owned by Chrysler president Walter Chrysler, not the company itself.
Walter Chrysler started building the tallest building in the world, the competition at the time with another skyscraper in Manhattan was under construction on 40 Wall Street, at the southern tip of Manhattan, and he kept the plans for the tower that was the top of the building adorned and built it in The structure is away from the public until Wall Street completes 40.

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