An Austrian real estate company that owns a stake in New York City’s Chrysler Building may have to sell its holding in the iconic skyscraper as part of a bankruptcy restructuring.
The Wall Street Journal reported an Austrian court-appointed insolvency administrator of Signa Holding has been coordinating the company’s sale of its assets. To date, 43 creditors have registered claims against Signa totaling $1.23 billion.
Signa teamed with New York City-based RFR Holding to purchase the Chrysler Building in 2019 for roughly $150 million. It is uncertain whether the company’s U.S. holdings will be part of the restructuring process – Signa’s rental agreements for the Viennese city palaces Harrach and Ferstl have been terminated and the bankruptcy court ordered the company to sell its private jet.
