STEVE INSKEEP, HOST:
One of my favorite buildings in the New York skyline is up for sale.
LEILA FADEL, HOST:
It's the Chrysler Building. Steve, you can't afford it.
INSKEEP: Oh.
FADEL: If that name does not put a picture in your head, look it up. It's a silvery building with art deco curves in the metalwork on top.
INSKEEP: When construction workers put the pointy spire on top in 1930, the Chrysler Building briefly became the tallest building in the world. It's still tall, but the interior is dated. Ruth Colp-Haber of Wharton Property Advisors has been leasing space there.
RUTH COLP-HABER: The Chrysler Building is considered one of the true grandes dames of New York City real estate. That being said, at this point in time, it's facing a real crossroads.
INSKEEP: Many people work remotely, not in skyscrapers. And companies that do lease space want something flashier.
COLP-HABER: Because the fact is the modern commercial office user has changed a lot in the last hundred years (laughter). And, you know, they want now bigger windows, higher ceilings, ping-pong tables, pools, cafes.
FADEL: Previous owners of the building have not done well. The Abu Dhabi Investment Council once bought a majority stake for $800 million, only to sell for 150.
INSKEEP: Wow.
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FADEL: Old buildings are worth less, in part because renovating them costs more.
INSKEEP: But for the right buyer, here's your chance for a tall building at a low, low price. Transcript provided by NPR, Copyright NPR.
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