Amazon could be the Chrysler Building’s new tenant

Posted On Mon, January 14, 2019 By

Posted On Mon, January 14, 2019 By In Midtown, More Top Stories, real estate trends

Via Creative Commons

Amazon is close to reaching a deal to lease 10,000 square feet at the Chrysler Building, the New York Post reported on Sunday. News of the impending lease comes less than a week after it was reported that the Art Deco landmark is up for sale. Amazon announced in November plans to open a massive office complex in Long Island City to serve as their “HQ2.” The company will start moving to the neighborhood this year, temporarily leasing space at One Court Square, a 50-story building with incredible views of the Manhattan skyline.

amazon, long island city, amazon nyc
A rendering of One Court Square- Amazon’s temporary home starting this year; via NYCEDC

As 6sqft learned last week, Chrysler Building owners Tishman Speyer Properties and Abu Dhabi Investment Council (ADIC) have hired real estate firm CBRE Group to sell the famed property. The Abu Dhabi government purchased its majority stake in the Chrysler in 2008 for $800 million, but sources told the Wall Street Journal, who first reported the listing, that it would be difficult to recover.

According to the Post, the buyer of Chrysler Building gets more than just the iconic skyscraper. The offer would also include the neighboring Trylons retail and office building on 42nd Street, which measures about 28,500 square feet. The complex also comes with roughly 70,000 square feet of unused air rights.

Perhaps making it a more tempting deal, the land beneath the Trylons is owned outright by Tishman Speyer and the ADIC. At the Chrysler Building, the land is owned by the Cooper Union school and in 2017 cost the owners $7.75 million in rent. By 2028, the annual rent is expected to grow to $41 million.

[Via NY Post]

RELATED: 

Tags : , ,

Neighborhoods : Midtown

MOST RECENT ARTICLES

SIGN UP FOR OUR NEWSLETTERS

Thank you, your sign-up request was successful!
This email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.