When the Abu Dhabi Investment Council and Tishman Speyer decided to put the iconic Chrysler Building up for sale this month, the four-fold rent hike they saw last year certainly contributed to the decision. After paying $7.75 million in 2017, the building’s owners saw their rent bill balloon to $32.5 million last year. That number will rise to $41 million in 2028 and $55 million by 2038. The owners’ current ground lease with Cooper Union, […]
source https://therealdeal.com/2019/01/22/how-ground-leases-became-ticking-time-bombs-for-iconic-properties/
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