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The battle for the Chrysler Building is far from over despite the setback for the real estate titan
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The battle for the Chrysler Building is far from over despite the setback for the real estate titan

The Chrysler Building drama is far from over despite a judge’s ruling last week that Aby Rosen must step down from Cooper Union’s management of the tower and not interfere with the collection of rent from tenants (who are technically sub-tenants due to the land lease).

Judge Jennifer Schecter’s issuance of an injunction sought by Cooper Union will likely end tenants’ confusion over who to pay — and incidents such as the recent one where an executive at Cushman & Wakefield, the Cooper Union firm hired to manage the tower, would have been refused entry by Rosen’s team.

Real estate developer Aby Rosen suffered a setback last week in the legal battle against Cooper Union. Penske Media via Getty Images

But Schecter also hears the broader case over the iconic skyscraper: the school’s efforts to evict Rosen from the lease for nonpayment of ground rent, and Rosen’s fierce resistance to action, including a lawsuit of $100 million against Cooper Union for alleged mismanagement. the property.

Sources said that despite the language the judge used during the hearing — when she called some of Rosen’s claims “flimsy” — the case could take until the end of the year to be decided.

Unless the parties somehow decide to settle out of court – which seems a long shot given that both sides are just sticking together.

The land beneath the iconic Chrysler Building is owned by Cooper Union. AFP via Getty Images

But both camps are in trouble. Rosen is clearly on the defensive, but Cooper Union will have to decide what to do at Chrysler if Rosen is kicked out of the lease.

Cushman & Wakefield and Savills, who handle the leasing, are good companies, but neither is a developer – and the Chrysler, deteriorated and dilapidated, needs major repairs. ‘investment.

Judge Jennifer Schecter issued an injunction preventing Aby Rosen’s company from collecting rent on the Chrysler Building. nycourts.gov

Everyone is hoping for a quick conclusion, lest Chrysler — in the heart of the thriving Grand Central district but perhaps in need of hundreds of millions of dollars in renovations — ends up fading into obscurity like it once did. Rose another iconic tower, 70 Pine St. in downtown. Associates stepped in to convert it into apartments.

Mitchell Moss, professor of urban policy and planning at NYU, said: “There are few office towers in New York that are known around the world. The Chrysler Building is too important to New York City to be treated as just another office building. »


Urban Atelier Group is moving to Rudin’s newly renovated 41 Madison Ave. The New York-based construction management company signed a 15-year lease for 25,268 square feet, expanding next year from its current 18,000 square feet at 85 Fifth Ave.

This is the third new lease at 41 Madison in recent months at the 560,000-square-foot tower, where major tenants include Clarick Gueron Reisbaum LLP, Polar Asset Management Partners Inc. and Kensington Vanguard.