Signa's Desperate Bid to Sell Stake in Chrysler Building
Signa Holding, the bankrupt co-owner of the Chrysler Building, has been ordered by an Austrian court to sell its stake in the iconic New York City skyscraper as part of its restructuring efforts. The company's administrator stated that selling the stake, along with other court-ordered measures such as selling the company's private jet, will help salvage the property and retail giant. Signa's stake in the building, which it purchased in 2019 for $150 million, is currently unclear. The Chrysler Building has been struggling to maintain occupancy above 80%, and negotiations to restructure the ground lease with Cooper Union have been ongoing. Signa has also faced financial difficulties with halted construction at several sites in Germany and heavy borrowing from banks.