Signa bankruptcy Signa liquidator sells Chrysler Building in New York
The insolvent real estate group Signa has lost one of its former "lighthouse" projects: Christof Stapf, trustee in bankruptcy of Signa Holding, has found buyers for the Chrysler Building in New York.
03.03.2025, 14:07
SDA
Through the sale of its subsidiary Signa International Holding, Signa has indirectly disposed of its shares in the Chrysler Building, which it held jointly with RFR Holding. The buyers Aby Rosen and Michael Fuchs of RFR Holding transferred 5 million euros, taking into account all receivables and existing pledges.
Stapf did not disclose the amount of these claims. Furthermore, the buyers withdrew bankruptcy claims of around 50 million euros, the liquidator added on Monday.
High rents
The Chrysler Building was considered one of Signa's "prime properties". René Benko acquired the building, which was designed by William Van Alen, together with the US company RFR in 2019 for a reported 150 million dollars (135.46 million Swiss francs).
At first glance, this was a bargain for Benko: After all, the investment company Abu Dhabi Investment Council from the United Arab Emirates had acquired a 90 percent stake in the building, which is considered an Art Deco masterpiece, from the real estate company Tishman Speyer for 800 million dollars in 2008.
However, the Chrysler Building was already considered to be in need of renovation at the time, with estimated annual operating costs of 15 million dollars. And it stands on foreign soil.
This is because the floor space belongs to the Cooper Union School of Architecture. And the school raised the annual rent from 7.8 million to 32.5 million dollars shortly before the building was sold. From 2028, 41 million dollars will be due annually, and from 2038 it will be 55 million dollars.
At least two more years for liquidation
Stapf has enough to do even after the sale of the Chrysler Building. According to an expert opinion by Deloitte Financial, Signa Holding was insolvent from November 30, 2022 at the latest - which is certainly relevant for the assessment of avoidance claims, for example.
By the end of February, 442 claims totaling EUR 7.712 billion had been filed with the insolvency court. Of these, 2.163 billion euros have been recognized to date.
Furthermore, avoidance claims of 300 million euros have been claimed. And around 3 million euros have been collected by way of settlement, according to the fourth report from the liquidator to the creditors.
According to Stapf, the orderly liquidation of the remaining company divisions will take at least another two years. For example, negotiations on the sale of the Austrian media holdings are still ongoing. Signa Holding indirectly holds around 25 percent of the "Kronen Zeitung" and the "Kurier".
Former Globus co-owner
In Switzerland, Benko is best known as the former co-owner of the Globus department store chain. This was transferred to his Thai partner Central Group last fall.
The Globus properties were not part of the transaction. For the time being, these remain half owned by Central Group and half by Signa. The insolvency administrator of Signa Prime Selection recently announced that a sales process had been initiated.
