405 Lexington Ave, 10174 New York | 1930 | 1,260,000 sq ft
World-renowned Art Déco skyscraper near Grand Central, 319 m high. Icon of prestige and visibility in downtown Manhattan. Prime commercial opportunities and potential for redevelopment.
Chronicles of this site
A national historic Landmark since 1976 the Chrysler Building has quite a story to tell itself. Imagined as a “monument to himself” Walter P. Chrysler commissioned it privately as the corporate headquarters for his three-year-old automobile manufacturing company in 1928. A personal rivalry in the high-rise construction field, led the architect William Van Alen to keep the 56 meter spire a secret until the last moment so that his competitor was unable to respond. Therefore the Chrysler Building was the tallest building in the world after its completion in 1930. During the prohibition there was the legendary Cloud Club on the 67th floor.
The SIGNA-Deal
After the building was bought for $800 Mio by the Abu Dhabi Investment Council in 2008, it found its way into the portfolio of the Signa RFR US Selection as another historic building in a prime downtown location for $151 Mio. Signa acquired the building despite the prospect of land lease increases. RFR offered to buy out its partner’s 50 percent stake for $1, but before the offer could be addressed Signa Holding filed for insolvency in the Austrian Court, ending their partnership. As part of the liquidation process of the company’s assets, their share was up for sale. After the RFR stopped paying the ground lease payments the Cooper Union hired the real estate firm Cushman & Wakefield to manage the Chrysler Building.
Why should you own this piece?
This world-renowned skyscraper in Art Déco style is located close to the Grand Central Terminal in New York in prime downtown location offering excellent visibility and accessibility. Its architectural brilliance and cultural importance make it a prestigious asset in the US for any investor, waiting to be rediscovered and taken to its next chapter as an architectural icon in Manhattan. Its appealing cultural capital and historic nostalgia make it a prime object for commercial tenants and potential redevelopment projects. An all-time burner in public interest now being rediscovered as one asset of Signa’s failure.
*By owning this NFT, you are entitled to 0.000001% of the associated property. This NFT does not represent legal ownership of real estate or securities, but rather a digital collectible tied to the project’s vision.