Aby Rosen rumored buyer of Chrysler Building

The prolific developer may snap up the building for as little as $100 million

The Chrysler Building, which has been seeking a buyer since the beginning of the year, may have found a new owner. The Real Deal reports that Aby Rosen, the art-obsessed developer and owner of such icons as the Seagram Building and Lever House, is “in advanced talks” to buy the building.

Per TRD’s sources, the final sale price may be a good deal lower than the $800 million that an Abu Dhabi investment fund paid for a 90 percent stake in the building back in 2008. According to “a source with knowledge of the talks,” Rosen may end up paying in the $100 million ballpark for the skyscraper. Commercial Observer reported similar rumors earlier today, with sources saying that some of the bids had actually come in under $100 million.

Despite being one of the city’s most iconic buildings, the Chrysler is facing headwinds when it comes to attracting tenants, thanks to the competition from new and shiny office buildings throughout the city. And then there’s the ground lease: The Cooper Union holds it, and it could go up to as much as $41 million by 2028; rents, however, haven’t kept up the pace.

But it’s hardly surprising that Rosen would take an interest in the building; in addition to Seagram and Lever—both midcentury modern icons—Rosen’s development firm, RFR Holdings, owns well-known NYC properties like the formerly graffiti-covered bank building at 190 Bowery; the Gramercy Park Hotel; and the Norman Foster-designed condo tower at 100 East 53rd Street.

Per TRD, the sale is not yet final; an agreement “has been drafted but not yet signed,” so it remains to be seen if the rumors are true. As for what he could do with the building, we have some ideas.

SOURCE: Curbed NY – All – Read entire story here.