Iconic Chrysler Building of New York to be Sold by Austrian Bankruptcy Owner

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The bankrupt Austrian co-owner of New York City’s Chrysler Building will sell its stake in the iconic Manhattan building, creditors announced Tuesday, according to several shopssignaling another ominous sign for the global commercial real estate scene.

The sun sets on the Chrysler Building, mid-August.

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Important Facts

Signa, the real estate company headed by former billionaire RenÃ© Benko, is in serious talks to sell several of its assets to finance bankruptcy proceedings. established last month, according to creditors of Vienna, Financial Times information.

Among the assets listed for sale are Signa’s private jet and 50% of the Chrysler Building, which Signa owns. found in 2019 for $150 million, a whopping 81% discount from its 2008 sale price.

RFR, the US-based property developer that owns the other 50% stake in the Chrysler Building, will retain its ownership and has shown intending to increase its shares.

Forbes Valuation

Benko, who was worth $6 billion this spring, fell from the billionaire ranks following Signa’s bankruptcy as his net worth dropped to $400 million. In addition to his real estate interests, Benko also owns a yacht worth more than $30 million and a large art collection including pieces by Jean-Michel Basquiat.

Important Background

In the world the longest building when it opened in 1930, the Chrysler Building remains a popular tourist attraction for its unique architecture. The Austrian owner’s struggles come amid a particularly difficult time for property developers around the world, hit by a corporate foreclosure crisis and rising interest rates. Signa’s bankruptcy is the largest in Austrian history, according to to the state news agency ORF.