Don’t know the rents off hand, but architecturally I lean ever so slightly to the Chrysler.
Which of these two phenomenal buildings do you prefer, and why?
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Hi, I'm Bruce Kirsch, co-author of the leading CRE finance textbook, Real Estate Finance and Investments: Risks and Opportunities, and the associated REFAI® Certification program. Over the last 20 years, I have had a diverse and interesting collection of adventures in CRE. I am the founder of Real Estate Financial Modeling and the creator of the Model for Success blog. I hold an MBA in Real Estate from The Wharton School, and I graduated with a BA in Communication from Stanford University.
Although it’s nearly impossible to choose between these 2 iconic buildings, putting size, rent roll and location aside, I have to give the slight edge to the Empire State Building.
First, the Empire State Building is a huge tourist attraction with over 130,000 visitors each year.
Next, Tony Malkin has done an incredible job of creating a replicable model for green retofits in major high-rise buildings. This is where a major environmental and economic impact can be made.
Lastly, it’s a staple of the NYC skyline. When I look at this breath-taking skyline the lighted top of the Empire State Building stands out above all else.
But hey, if the opportunity to purchase the Chrysler Building comes around I wouldn’t pass it up.
Thanks Joe – well thought out! You’re right about the green retrofit as a paradigm for others. I will be there on Wednesday and look forward to seeing the measures they took to green the building.
The ESB has a great website dedicated to its retrofit. It even has life-cycle costs of all the work they’ve done – http://www.esbsustainability.com/
On another note, today’s Bisnow featured Tony Malkin and much of the work he’s done at the ESB – http://www.bisnow.com/new_york_commercial_real_estate_news_story.php?p=14740