- A Manhattan judge ruled against Aby Rosen, terminating RFR’s ground lease on the Chrysler Building and ordering the company to vacate the property.
- Rosen’s firm stopped paying rent in June, accumulating $21M in arrears, leading Cooper Union to terminate the lease.
- Legal arguments about external factors, including campus protests, failed, as the court dismissed Rosen’s claims.
- Cooper Union will take over management of the iconic skyscraper and develop a long-term strategy to enhance its value.
Real estate investor Aby Rosen has lost control of the Chrysler Building, following a judge’s ruling that his firm, RFR Holding, defaulted on its ground lease with Cooper Union.
Exhibit A…
The decision ends a years-long struggle for the landmark property, which Rosen acquired in 2019 but struggled to maintain financially.
RFR stopped making rent payments in June 2024, racking up $21M in arrears before Cooper Union terminated the lease. The school sent a default notice in July, but Rosen’s firm refused to acknowledge it or vacate the property, prompting legal action.
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Losing The Legal Battle
Rosen attempted a legal defense by arguing that campus protests over the Gaza conflict negatively impacted tenant retention, making it impossible to meet lease obligations.
However, the judge dismissed the argument outright, siding with Cooper Union’s claim that RFR failed to meet its financial obligations.
What’s Next?
With RFR removed, Cooper Union will assume full management of the Chrysler Building. The school plans to implement a long-term strategy to improve tenant experiences and maximize the property’s value.
Look for further developments as Cooper Union repositions the Chrysler Building and the New York real estate community watches for potential new investors interested in the historic landmark.
