Commercial Real Estate Site Profile: The Chrysler Building March 12, 2019 Commercial Real Estate, Site Profile By: Jason Holte Share: TwitterFacebookLinkedInEmail The iconic Chrysler Building in New York City will soon have a new owner. Let’s take a look at the property under this skyscraper using LandVision™. One of the most famous landmarks in the New York skyline has just been sold. CBRE Group recently completed the sale of the legendary Chrysler Building to RFR Holding, LLC for a reported $150 million. As the CNN article notes, $150 million is far shy of the $800 million that the Chrysler Building was sold for in 2008. One reason for the reduction in price is that rent for the land under the building has continued to rise without a corresponding increase in rent (price or quantity) for the offices in the building. The 2008 sale of the Chrysler Building also took place just before the dramatic impacts of the financial crisis on real estate prices began to be felt, which helps explain the price discrepancy. The Chrysler Building is one of the most instantly recognizable skyscrapers in the United States, which has us wanting to learn more about the underlying property and the general area as a whole. Using our map-based real estate application, LandVision, here’s what we were able to uncover: About the Property and the Chrysler Building: With just a few clicks, we are able to locate the Chrysler Building in LandVision and access detailed property and tax information. To present our findings, we can also generate an in-depth site profile report. Here are a few of the things that we learned about the land under the Chrysler Building and the skyscraper itself: Property Owner: 405 Lexington, LLC Property Size: 0.89 acres Lot Square Footage: 38,952 sq. ft. Land Use Category: Commercial Land Use Description: Office building Total Assessed Value: $235,444,500 Property Tax: $199,578 Year Built: 1930 Number of Stories: 68 Located in an Opportunity Zone? No About The Surrounding Area: Using LandVision, we are able to review detailed demographic information for the area surrounding the Chrysler Building. Here are some of the key characteristics of the area within a one-mile radius of the skyscraper: Current Population: 163,547 Estimated Growth: 4.08% Median Age: 39 Median Household Income: $137,423 Total Consumer Expenditures: $7.87 billion Total Employees: 929,226 Total Establishments: 37,903 Learn More: LandVision is a powerful application that enables commercial real estate professionals to research properties quickly and efficiently, giving them the power to discover off-market opportunities and win more deals. Schedule a demo today to see our commercial real estate solutions in action!