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The vultures are circling the Chrysler Building.
Since Fuji Bank Ltd. began a foreclosure action in state Supreme Court a little more than a week ago, real estate investors have been lining up to inquire about the landmark art deco building, owned by the estate of the recently deceased Jack Kent Cooke.
Among those said to be looking seriously at the property are Amroc, Essex Capital Partners, Tishman Speyer Properties, TrizecHahn Corp., Donald Trump, Vornado Realty Trust and Steve Witkoff.
Potential buyers have been doggedly calling lead lender Fuji's New York office, and some are traveling to rural Virginia to try to meet Stuart Haney, the general counsel of Jack Kent Cooke Inc.
"I would call it a feeding frenzy," says Randy Kohana, a real estate broker at K Group. "This is a trophy asset that's tarnished, and there's money to be made when you polish it."
The developers see a chance to gobble up a prestige property at a discounted price, then make a go of it with renovations and a lower debt load. The 77-story office tower at 42nd Street and Lexington Avenue also includes the Cloud Club, a onetime speakeasy that has been closed for nearly 20 years. With its panoramic views, it could become a hot restaurant or cigar bar.
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