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New York's Famed Chrysler Building Is Up For Sale

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New York's Famed Chrysler Building Is Up For Sale
It was the world's tallest building when it was finished in 1930 before the Empire State Building took its place a year later.
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One of New York's most iconic structures, the Chrysler Building, is up for sale.

A broker hired to market the art deco-style skyscraper confirmed the news on Wednesday but didn't say how much it was going for. One of the owners of the building, the government of Abu Dhabi, paid $800 million for a 90 percent stake in 2008.

The 77-story building on Manhattan's East Side has been one of the Big Apple's most distinguished landmarks for decades. Designed by William Van Alen, it was built between 1928 and 1930. Upon completion, it was the world's tallest building until the Empire State Building took the title from it in 1931. The Chrysler Building served as Chrysler's corporate headquarters until 1953, and since then it's been featured in popular movies including "The Wiz," "Armageddon" and "Men In Black 3."

Despite its iconic status, some real-estate investors told the Wall Street Journal there's a good chance the owners won't get back what they paid for it. Mainly they pointed to factors like maintenance costs for the nearly 90-year-old building, as well as the cost to lease the ground beneath it, which more than quadrupled from 2017-2018.