The Chrysler Building is officially up for sale after a drawn-out legal battle between RFR Holding and Cooper Union. As first reported by Crain’s, the leasehold for the iconic Art Deco skyscraper is on the market for the first time since 2019, after a judge terminated RFR’s lease in January and evicted the firm for falling more than $21 million behind on rent owed to Cooper Union, which owns the land beneath the tower. Cooper Union has since tapped real estate firm Savills to find a new operator to take over the lease.
Located between East 42nd and East 43rd Streets, the building’s more than one million square feet of space is now fully leased, up from an 85.7 percent occupancy rate last year, as reported by Crain’s. Prominent companies currently in the building include law firms Graubard Miller and Moses Singer and investment firm Saba Capital Management, with rents ranging between $65 and $79 per square foot.
It’s unclear how much Savills is asking for the ground lease. David Heller, an executive vice president at the firm, declined to comment on pricing but told Crain’s the firm is excited about the opportunity.
The building has long needed a renovation. Last summer, a New York Times story detailed tenants’ complaints of rodent infestations, cracked ceilings, broken elevators, and dirty drinking water.
Aby Rosen of RFR bought the ground lease for $151 million in 2019, marking a major loss for the majority owner Dhabi Investment Council, which paid $800 million in 2008. The discounted price accounted for the very expensive ground lease —$32 million a year—as well as the Art Deco icon’s deteriorated condition, as 6sqft previously reported.
RFR had initially agreed to pay the ground lease with the intention of renovating the building, even proposing turning it into a hotel and adding an observation deck. However, as lease costs became too expensive, the firm tried to renegotiate the terms, though no deal was reached. Then, in 2023, RFR’s partner on the property filed for bankruptcy.
According to Cooper Union, the company had stopped paying rent in June 2024, leading to the lease termination and eviction earlier this year.
The conflict escalated when RFR filed a lawsuit against Cooper Union, claiming that the college’s handling of Israel-Palestine protests organized by its students and faculty unsettled the real estate community and drove away tenants. The judge dismissed the lawsuit and awarded Cooper Union damages for the unpaid rent.
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