The Graybar Building and the nearby Chrysler Building were sold in 1953 for $52 million. The new owners were businessman William Zeckendorf's company Webb and Knapp, who held a 75% interest in the sale, and the Graysler Corporation, who held a 25% stake. At the time, it was reported to be the largest real estate sale in New York City's history. In 1957, the Chrysler Building, its annex, and the Graybar Building were sold for $66 million to Lawrence Wien's realty syndicate, setting a new record for the largest sale in the city. Webb and Knapp continued to lease the building until 1960, when the leasehold was sold to a group of 8,000 investors for over $3 million.
