The Chrysler Building’s new owners just picked up a serious bargain, paying only $150m for the iconic art deco tower.

It’s a major drop in price from the $800 million paid for the building in 2008 when 90% of the tower was sold to an Abu Dhabi investment fund. The building has now been snapped up by Austrian property developers Signa Holding and New York firm RFR Holding.

Reports suggest the much-reduced price tag is a result of the $32.5m of annual rent owed to Cooper Union, which owns the land beneath the Chrysler Building. The school increased the rent by around $12m last year to help resolve some of the financial issues it’s facing, and restore its ability to offer full tuition scholarships.

There’s no word on what the tower’s new owners have planned, but with 400,000 square feet of vacant space available, there’s sure to be new tenants on the way.

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