Abu Dhabi is selling the Chrysler building (did you know they owned it?) and they’re taking a devastating loss.
People walking on the street below should look up as they pass by to make sure no Sovereign fund managers land on them.
Turns out they’re willing to take that big of a loss because the rent is too damn high!
While the building is owned by one entity, the land under it is owned by another, and the rent is climbing higher than the skyscraper itself.
It reported that the building’s owners do not own the ground beneath it and pay annual rent that went up from $7.75 million to $32 million in 2018 and was set to increase again to $41 million in 2028.
Citing brokers, the newspaper said those fees ‘have eaten away at much, if not all, of the building’s revenue.’
The building also has some 400,000 square feet (37,160 square meters) of space that is either vacant or will become so in the coming years, the Journal said.https://www.dailymail.co.uk/news/article-6790523/New-Yorks-iconic-Chrysler-Building-sells-150-million.html
The solution, of course, it to raise taxes to 120% of income while cutting all city services.
The landlord that rents the property that the Chrysler building sits on is the ultra-leftist Cooper Union college. They LOVE free tuition. LOVE. Unfortunately, it’s nearly bankrupted them, and now the owners of the Chrysler building must pay.
This is how we get on the short bus to Venezuela.