Insolvent Signa Holding Ordered to Sell Stake in Chrysler Building

The Austrian court's decision marks a significant development in the restructuring of the embattled real estate company.

Signa Holding, the 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 following its declaration of insolvency.
Signa's stake in the 77-story building is unclear, but it was purchased in 2019 in partnership with New York real estate firm RFR Holding for about $150 million.
Despite its iconic status, the Chrysler Building has been struggling to maintain occupancy above 80%.
Signa has also been ordered to sell its private jet and terminate its rental agreements at its headquarters in Vienna.
Signa's insolvency is the largest in Austria's history, and its downfall underscores the challenges facing the global commercial real estate scene.