New York's Chrysler Building, an art deco jewel, seeks new owner

New York: The future of the Chrysler Building, a unique monument to art deco architecture on the Manhattan skyline, remains in limbo as it awaits a po...

New York: The future of the Chrysler Building, a unique monument to art deco architecture on the Manhattan skyline, remains in limbo as it awaits a possible sale.

The building, affixed with gargoyles, stainless steel design nods to early Chrysler vehicles and a celebrated crown and needle top, has been put up for sale after a New York judge expropriated the property in September 2024 from prior leaseholders who were in arrears.

The famed skyscraper, which began hosting tenants in April 1930 and was once the world's tallest building, continues to draw tourists to its blue-chip address of 405 Lexington Avenue in the heart of Manhattan.

But real estate insiders say the property is badly in need of remodeling, with aging office spaces, tiny windows, fickle elevators and a pesky rodent population among its ills.

"The beautiful (Chrysler Building) has lots of technical issues but it's unclear what the best use for the building is," said Ruth Colp-Haber, a partner at Wharton Property Advisors, who believes costly investment will be needed to update the structure.