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Report: NYC's iconic Chrysler Building is on the market

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Report: NYC's iconic Chrysler Building is on the market

The iconic art-deco Chrysler Building in Manhattan, N.Y., is being put up for sale by its owners, The Wall Street Journal reported.

The Abu Dhabi Investment Council, which purchased a 90% stake in the 77-story tower for $800 million in 2008, and Tishman Speyer Properties LP, which also owns a stake, have hired real estate services company CBRE Group Inc. to market the property, the Journal reported, citing Darcy Stacom of CBRE.

Some sources interviewed by the paper said it could be difficult for the Abu Dhabi Investment Council to recoup its investment, which it made near the top of the real estate market before the financial crisis hit. The tower must also compete with newer office buildings in Manhattan, which offer more up-to-date spaces for tenants, the Journal noted.