Iconic Chrysler Building Sold For $150 Million

NEW YORK (CBSNewYork) - The iconic Chrysler Building is being sold for what may seem like a bargain.

New York real estate firm RFR Holding and an Austrian company are reportedly buying the skyscraper for $150 million.

In 2008, an Abu Dhabi investment fund purchased 90 percent of the building for $800 million.

They were willing to sell at an 80 percent loss due to the soaring rent they pay to Cooper Union school, which owns the land beneath the tower.

Last year, the rent was just $8 million.

This year, it's more than $32 million.