Uplanders! Thursday, April 8th, at 12pm PT we will begin auctioning off one of the most prominent and classically styled members of the NYC skyline. There are few buildings that embody the spirit of Upland more than the Chrysler building.
“The Chrysler Building, a stunning statement in the Art Deco style by architect William Van Alen, embodies the romantic essence of the New York City skyscraper. Built in 1928–30 for Walter P. Chrysler of the Chrysler Corporation, it was “dedicated to world commerce and industry.”! The tallest building in the world when completed in 1930, it stood proudly on the New York skyline as a personal symbol of Walter Chrysler and the strength of his corporation. “
-NYC.GOV
Some fascinating facts about the Chrysler building:
- It is currently the second tallest building in New York.
- Contrary to popular belief, the Chrysler Corporation was never involved in the construction or ownership of the Chrysler Building.
- The exterior of the building has about fifty ornaments protruding from the building’s corners on five different floors in a way similar to the gargoyles of Gothic cathedrals.
- The lobby ceiling contains a 110-by-67-foot mural named “Transport and Human Endeavor”, commissioned by Edward Trumbull in 1930.
Price Analysis
Located at 405 Lexington Ave in Manhattan, the Chrysler Building property is 402 UP2 in size. It is located in Midtown East and is a part of the rare NYC Skyscraper collection, which offers a boost of 2.64X on earnings. Were it not a landmark, it would have a minting price of 2,291,400 UPX. As one of the most beautiful and iconic buildings in all of NYC (and thus the world), owning the Chrysler Building is like owning a unique piece of iconic art. Additionally, the history and story of the Chrysler Building makes it a classic structure that is unlike any other in the Upland metaverse, and it will certainly stand the test of time in this respect.
Previous landmarks sold at a premium much higher than their initial estimated value, with the New York Stock Exchange selling for 23,000,000 UPX and Grand Central selling for 21,000,000 UPX. On average, we have seen a premium of 300% or more over base mint price for Landmarks at auction, leading us to a suggested minimum mint price of 6,874,200 UPX.
Auction Details
As with the New York Stock Exchange and Grand Central auctions, we’re utilizing a reverse auction process. The auction will be live in the app:
Just send your explorer to 405 Lexington Ave. in Manhattan and you’ll see the property ready for minting, after the auction start time.
The price will start high and is reduced over time. As we decrease the price, any player can mint the property live in Upland. We will still announce the price updates in our Discord #Auction channel.
- The auction will go on for over 3 days, starting April 8th at 12pm PT, and ending April 11th at 9pm PT.
- We will start the bidding at 25,000,000 UPX.
- Each price reduction will be by 2,000,000 UPX.
- Price reduction Schedule.
-Thursday we will reduce the price at 7pm (23 million)
-Friday we will reduce the price at 8am (21 million), 12pm (19 million), 4pm (17 million), and 8pm (15 million).
-Saturday we will reduce the price at 8am (13 million), 12pm (11 million), 4pm (9 million), and one last time at 8pm to the minimum suggested mint price of 6,874,200 UPX.
- If the minimum mint price of 6,874,200 UPX is not met, we will close the auction without selling the Landmark and it will remain on the market for minting at the suggested price. But don’t hold your breath for the price to go this low, because this is a highly coveted piece of real estate.
- Remember, the returns from the property are based on the initial mint price, so the higher the auction price, the more you can earn!
Future Auctions
As Upland continues to grow, more and more players are requesting the opportunity to claim one of Upland’s most prized properties. To support this, we will be holding Landmark auctions on a more regular basis. After the current auction has completed, we will start to queue up another Landmark auction for launch. Next up we are preparing a Brooklyn Landmark, and another wonderful San Francisco Landmark.
Additionally, in the near future we will also begin to feature the Landmark auctions (upcoming and past) directly on the Upland website.
