New York City is for sale — and it’s going for bargain basement prices. Now, the selling spree is spurring a buyer feeding frenzy that even the city’s most iconic buildings won’t escape.
Most notably, the landmarked Chrysler Building could soon sell for peanuts with its operators facing eviction.
In 2019, Aby Rosen’s RFR Holding shelled out a mere $75.5 million for the Art Deco skyscraper.
Rosen hoped to return the building to its glory days, perhaps even converting some of the structure into a hotel, and invested $150 million.
But the bargain sale didn’t include the building’s ground, which is owned by Cooper Union. In 2017, the ground rent was just $7.8 million, but has grown to $32.5 million (it will leap to $41 million in 2028).
That’s more than current office tenants pay in rent and RFR owes the school over $21 million. Now, Cooper Union is trying to terminate RFR’s lease and appointed Cushman & Wakefield to manage the tower that is just 60% occupied.