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Chrysler Building Faces Uncertain Future
11 Jan
Summary
- The Chrysler Building is for sale after leaseholders defaulted on payments.
- The iconic skyscraper requires significant and costly remodeling.
- The Cooper Union, building owner, stated it will not affect tuition.
The Chrysler Building, an iconic Art Deco skyscraper, is currently on the market following a September 2024 judicial expropriation from its previous leaseholders due to non-payment. This historic Manhattan monument, once the world's tallest building, is reportedly in need of extensive and costly renovations, including updates to its aging office spaces, elevators, and pest control.
The land beneath the building has been owned by The Cooper Union since 1902. The college has assured stakeholders that the building's financial issues will not affect tuition or scholarships, citing strong reserves. The previous leaseholders, a consortium including RFR and Signa, had agreed to purchase the building for $151 million in 2019 with plans for $250 million in upgrades.
However, the building's future ownership and plans remain unclear. Its designation as a New York City landmark in 1978 means any major alterations require approval from the Landmarks Preservation Commission. Competition from newer buildings also presents a challenge for this historic structure.
