Austrian Signa teams up with RFR to purchase New York’s Chrysler building


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Austrian Signa teams up with RFR to purchase New York’s Chrysler building

Austria’s largest privately held real estate company, Signa Holding GmbH, headquartered in Innsbruck, had been exploring the options of purchasing the conspicuous Chrysler building in New York in partnership with the property firm RFR Holding LLC, in a $150 million deal, at least two spokesmen familiar with the subject matter revealed on Saturday, the 9th of March 2019.

According to one of the spokesmen, RFR and Signa have been equal partners in a joint venture, which padded an agreement on last Friday (March 8th) to purchase the building from Abu Dhabi Investment Council.

In fact, the Abu Dhabi Investment Council had purchased the 90 percent stake of New York’s Chrysler building in a $800 million deal during the beginning of 2008’s financial crisis. However, property values had crashed following the financial crisis and in some cases such as Chrysler building of New York, never fully recovered.

The iconic tower, Chrysler building of New York had enjoyed the pride of being the world’s tallest building when completed in 1930 and was considered as a monumental jewel for the city’s skyline.

More crucially, the deal would mark a milestone debut for Austrian Signa in to the US property sector. However, while being asked for comments, Signa, RFR & Abu Dhabi Investment Council, all declined to respond immediately.