Gothamist: 75% of Chrysler Building is for Sale

sonyactivision

Wed, 11 Jun 2008 14:47:03 -0500

Cooper Union should sell the air rights to Dubai so they can build a taller version of Burj Dubai above it.

JMH

Wed, 11 Jun 2008 14:21:38 -0500

NYU doesn't need the money from this; they're more likely to buy Cooper Union so they can tear down the buildings in the East Village and build more ugly dorms.

CitizenSkein

Wed, 11 Jun 2008 12:22:33 -0500

The most interesting this is that Cooper does not collect rent from Tishman, it's actually in the City charter that the assessed property tax gets paid directly to Cooper and not to the City. That's a pretty good deal at about 8 million a year. That's not our only landholding either. A lot of the Bowery is ours too.

Snoopy

Wed, 11 Jun 2008 12:13:16 -0500

It looks so thirties. Can't Cooper Union just tear it down and put up a glass block building there that is more up to date and modern looking?

Outter Burrougher

Wed, 11 Jun 2008 12:11:41 -0500

I always wondered how it was that Cooper underwrote tuition for all students, awesome.

Gregoire

Wed, 11 Jun 2008 12:07:49 -0500

I love that picture. I half expect to see Q the winged serpent swooping in at any moment.

Dave Hogarty

Wed, 11 Jun 2008 12:06:48 -0500

At face value, this represents a 15% annual rate of return on the Germans' investment in the property ($300mn to $800mn in 7 yrs), excluding the cash flow they derived from the property while they held it. That is solid. On the other hand, the US Dollar is down about 35% over the same period, so any returns on investment in US assets are knocked down a great deal (the Germans bought high and are selling low, currency-wise, hopefully they were hedging). It's still the best looking skyscraper in Manhattan, regardless of who owns it. I just hope the Abu Dhabi owners don't pull a Hamilton Grange move on it and take it from 42nd St. to the Gulf.

PBRK

Wed, 11 Jun 2008 12:04:29 -0500

How long until NYU buys Cooper Union to get a hold of this?

Mr Mel

Wed, 11 Jun 2008 11:42:19 -0500

It's better than when they buy works of art. They can't take the Chrysler Building home with them.

famdoc

Wed, 11 Jun 2008 11:33:46 -0500

When will I be able to dance in the rooftop dining room? From Wikipedia (http://en.wikipedia.org/wiki/Chrysler_building): "The private Cloud Club occupied the 66th–68th floors, but closed in the late 1970s."

matty

Wed, 11 Jun 2008 11:28:08 -0500

Cooper Union has a pretty sweet deal.