New York's Chrysler Building bought by Austria's Signa partners with RFR : sources

Posted by Staff Reporter on Mar 11, 2019 06:08 PM EDT
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 New York's Chrysler Building bought by Austria's Signa partners with RFR : sourcesmore big
(Photo : wikipedia)

Signa and RFR are equal partners in a joint venture that signed an agreement on Friday to buy the building from the Abu Dhabi Investment Council at a fraction of what it paid to own it, the sources said.

Abu Dhabi had splashed out $800 million to own a 90 percent stake in the Chrysler Building at the onset of the 2008 financial crisis. Property values subsequently crashed, and in some cases never fully recovered.

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