Editing Chrysler Building (section)

==== RFR Holding operation ====
The Abu Dhabi Investment Council and Tishman Speyer put the Chrysler Building's leasehold for sale again in January 2019.<ref>{{cite web |date=January 9, 2019 |title=Owners of Chrysler Building to sell iconic NYC skyscraper |url=https://abc7ny.com/5040800/ |url-status=dead |archive-url=https://web.archive.org/web/20190110074029/https://abc7ny.com/5040800/ |archive-date=January 10, 2019 |access-date=January 10, 2019 |website=ABC7 New York|postscript=none}}; {{Cite news |last=Morris |first=Keiko |date=January 9, 2019 |title=Chrysler Building, a Famed Slice of Manhattan Skyline, Is on the Block |language=en-US |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/chrysler-building-a-famed-slice-of-manhattan-skyline-is-on-the-block-11547035200 |access-date=July 5, 2022 |issn=0099-9660}}</ref> That March, the media reported that [[Aby Rosen]]'s RFR Holding LLC, in a joint venture with the Austrian [[Signa Holding|Signa Group]], had reached an agreement to purchase the leasehold<ref name="signa">{{cite news |last=Seythal |first=Thomas |date=March 15, 2019 |title=Austria's Signa, RFR Holding buy New York's Chrysler Building |work=Reuters |editor-last=Hummel |editor-first=Tassilo |url=https://www.reuters.com/article/us-usa-property-chryslerbuilding/austrias-signa-rfr-holding-buy-new-yorks-chrysler-building-idUSKCN1QW210 |access-date=May 13, 2019}}</ref><ref>{{cite web |first=Lily |last=Katz |date=March 8, 2019 |title=Chrysler Building to Sell to RFR for About $150 Million |url=https://www.bloomberg.com/news/articles/2019-03-08/rfr-is-said-to-be-serious-bidder-for-nyc-s-chrysler-building |access-date=March 10, 2019 |work=[[Bloomberg News]]}}</ref> at a steeply discounted $150 million.<ref>{{cite web |last=Isidore |first=Chris |date=March 8, 2019 |title=Iconic Chrysler Building will sell at a huge loss |url=https://www.cnn.com/2019/03/08/business/chrysler-building-sale/index.html |access-date=August 17, 2019 |publisher=CNN|postscript=none}}; {{cite web |first=Ginia |last=Bellafante |date=December 27, 2019 |title=9 Ways New York Changed That We Didn't See Coming |url=https://www.nytimes.com/2019/12/27/nyregion/nyc-decade-2010s.html |access-date=December 27, 2019 |website=The New York Times |issn=0362-4331}}</ref> In exchange, Rosen had to pay the Cooper Union $32.5 million a year, a steep increase from the rate the previous leaseholders had paid.<ref name="Velsey r667" /><ref name="Seemuth x039">{{cite web |last=Seemuth |first=Mike |date=September 5, 2024 |title=RFR Holding Plans to Resolve Debt Issues Without Selling Top Buildings |url=https://commercialobserver.com/2024/09/rfr-holding-distress-sales-sl-green-new-york/ |access-date=September 6, 2024 |website=Commercial Observer}}</ref>

Rosen initially planned to convert the building into a hotel,<ref>{{cite web |last=Kim |first=Elizabeth |date=March 13, 2019 |title=Developer May Open Hotel Inside The Chrysler Building |url=https://gothamist.com/news/developer-may-open-hotel-inside-the-chrysler-building |access-date=November 3, 2022 |website=Gothamist|postscript=none}}; {{Cite web |last=Sun |first=Kevin |date=March 12, 2019 |title=CThe Chrysler Hotel? Aby Rosen to consider conversion for $151M trophy asset |url=https://therealdeal.com/2019/03/12/the-chrysler-hotel-aby-rosen-to-consider-conversion-for-151m-trophy-asset/ |access-date=November 3, 2022 |website=The Real Deal New York |language=en-US}}</ref> but he dropped these plans in April 2019, citing difficulties with the ground lease.<ref>{{Cite web |last=Vamburkar |first=Meenal |date=April 18, 2019 |title=Aby Rosen is no longer planning a hotel for the Chrysler Building |url=https://therealdeal.com/2019/04/18/aby-rosen-is-no-longer-planning-a-hotel-for-the-chrysler-building/ |access-date=November 3, 2022 |website=The Real Deal New York |language=en-US|postscript=none}}; {{cite web |last=Plitt |first=Amy |date=April 18, 2019 |title=Aby Rosen scraps hotel plan for iconic Chrysler Building |url=https://ny.curbed.com/2019/4/18/18484888/chrysler-building-aby-rosen-hotel-scrapped |access-date=November 3, 2022 |website=Curbed NY}}</ref> Rosen then announced plans for an observation deck on the 61st-story setback,<ref>{{cite web |last=Deffenbaugh |first=Ryan |date=April 8, 2019 |title=New Chrysler Building owner could bring back observation deck |url=https://www.crainsnewyork.com/real-estate/new-chrysler-building-owner-could-bring-back-observation-deck |access-date=November 3, 2022 |website=Crain's New York Business|postscript=none}}; {{Cite web |last=Muldowney |first=Decca |date=April 3, 2019 |title=Aby Rosen plans to restore 'Sleeping Beauty' Chrysler Building to Art Deco glory |url=https://therealdeal.com/2019/04/03/aby-rosen-plans-to-restore-sleeping-beauty-chrysler-building-to-art-deco-glory/ |access-date=November 3, 2022 |website=The Real Deal New York |language=en-US}}</ref> which the LPC approved in May 2020.<ref>{{cite web |last=Spivack |first=Caroline |date=May 20, 2020 |title=An observation deck is coming to the Chrysler Building |url=https://ny.curbed.com/2020/5/20/21264740/chrysler-building-new-observation-deck |access-date=April 21, 2022 |website=Curbed NY|postscript=none}}; {{Cite web |last=O'Regan |first=Sylvia Varnham |date=May 21, 2020 |title=Chrysler Building Observation Deck Gets Landmarks Approval |url=https://therealdeal.com/2020/05/21/aby-rosen-is-bringing-back-the-chrysler-buildings-observation-deck/ |access-date=November 3, 2022 |website=The Real Deal New York |language=en-US|postscript=none}}; {{cite web |date=May 22, 2020 |title=Observation Deck Coming Back To 61st Floor Of Iconic Chrysler Building |url=https://www.cbsnews.com/newyork/news/observation-deck-coming-back-to-61st-floor-of-iconic-chrysler-building/ |access-date=April 21, 2022 |publisher=CBS News}}</ref> He also wanted to reopen the Cloud Club and attract multiple restaurateurs.<ref name="Velsey r667" /> Rosen sought to renegotiate the terms of his ground lease with Cooper Union in 2020,<ref>{{cite web |last=Geiger |first=Daniel |date=May 7, 2020 |title=Inside the drama over control of the iconic Chrysler Building: Real-estate tycoon Aby Rosen and Cooper Union are renegotiating a critical $150 million deal |url=https://www.businessinsider.com/aby-rosen-attempts-to-renegotiate-chrysler-building-with-cooper-union-2020-5 |access-date=November 3, 2022 |website=Business Insider|postscript=none}}; {{Cite web |last=Brenzel |first=Kathryn |date=May 6, 2020 |title=Aby Rosen in Talks to Rework Chrysler Building Deal |url=https://therealdeal.com/2020/05/06/aby-rosen-seeks-to-rework-chrysler-building-ground-lease/ |access-date=November 3, 2022 |website=The Real Deal New York |language=en-US}}</ref> and he evicted storeowners from all of the building's shops in an ultimately unsuccessful attempt to renovate the retail space.<ref name="Pascus a585" /><ref>{{Cite web |last=Hudson |first=Erin |date=March 24, 2020 |title=Chrysler Building Retail Tenants Didn't Get Leases Renewed |url=https://therealdeal.com/2020/03/24/retail-tenants-disappearing-from-chrysler-building/ |access-date=November 3, 2022 |website=The Real Deal New York |language=en-US}}</ref> To attract tenants following the onset of the [[COVID-19 pandemic in New York City]] in 2020,<ref>{{cite web |last=Hughes |first=C. J. |date=September 15, 2020 |title=Rosen gambles on Midtown's recovery with a sweeping renovation |url=https://www.crainsnewyork.com/who-owns-block/rosen-gambles-midtowns-recovery-sweeping-renovation |access-date=November 3, 2022 |website=Crain's New York Business|postscript=none}}; {{Cite web |last=Balbi |first=Danielle |date=December 18, 2020 |title=Aby Rosen On Working From Home, Chrysler Building Renovation |url=https://therealdeal.com/2020/12/18/aby-rosen-says-firms-have-been-too-nice-nice-with-employees/ |access-date=November 3, 2022 |website=The Real Deal New York |language=en-US}}</ref> he converted the Chrysler Building's ground-floor space into a tenant amenity center.<ref>{{cite web |last=Read |first=Bridget |date=October 7, 2022 |title=What Happened to the Gramercy Park Hotel? |url=https://www.curbed.com/2022/10/gramercy-park-hotel-lawsuit-pandemic.html |access-date=November 3, 2022 |website=Curbed}}</ref> RFR estimated that it had spent $170 million to renovate the building.<ref name="Velsey r667" /> RFR and Signa attempted to restructure the ground lease again in 2021 and 2023, both times without success.<ref name="Velsey r667" /><ref name="Kaleta r298">{{cite web |last=Kaleta |first=Philip |date=October 11, 2024 |title=A Wrestling Match Over Control of the Chrysler Building in Manhattan |url=https://www.nytimes.com/2024/10/11/us/a-wrestling-match-over-control-of-the-chrysler-building.html |access-date=October 11, 2024 |website=The New York Times}}</ref> By then, according to an anonymous source cited by ''[[Curbed]]'', RFR was losing an estimated $1 million a month from the Chrysler Building's operation.<ref name="Velsey r667" />

In December 2023, Signa's creditors ordered the company to sell its stake in the Chrysler Building, following Signa's insolvency.<ref>{{cite news |first1=Peter |last1=Grant |first2=Helena |last2=Smolak |title=Chrysler Building's Fate Is Uncertain After Co-Owner Is Forced to Sell |url=https://www.wsj.com/real-estate/chrysler-building-co-owner-signa-ordered-to-sell-stake-825acecc |work=Wall Street Journal |date=Dec 19, 2023 |language=en-US |access-date=April 6, 2024 |page=|postscript=none}}; {{cite web | last=Pascus | first=Brian | title=Signa Holding Selling Its 50% Stake In Chrysler Building | website=Commercial Observer | date=December 19, 2023 | url=https://commercialobserver.com/2023/12/signa-holding-selling-50-stake-chrysler-building/ | access-date=April 6, 2024}}</ref> RFR offered to buy Signa's ownership stake for a nominal fee of $1.<ref name="Kaleta r298" /> Meanwhile, RFR sought to lease the building's retail space to luxury stores, signing their first luxury tenant in March 2024.<ref>{{cite web | last=Baird-Remba | first=Rebecca | title=British Coffee Chain WatchHouse Inks Lease at Chrysler Building | website=Commercial Observer | date=March 4, 2024 | url=https://commercialobserver.com/2024/03/watchhouse-chrysler-building-lease-405-lexington-avenue/ | access-date=April 6, 2024|postscript=none}}; {{cite web | last=Jones | first=Sasha | title=Chrysler Building Signs First Tenant As Part Of Its Luxury Retail Repositioning | website=Bisnow | date=March 1, 2024 | url=https://www.bisnow.com/new-york/news/retail/chrysler-building-watchhouse-lease-123152 | access-date=April 6, 2024}}</ref> By mid-2024, the building was aging significantly, and RFR had listed about {{Convert|650000|ft2}} of the Chrysler Building's office space as being "immediately available for rent".<ref name="Seemuth x039" /><ref name="nyt-2024-07-12" /> ''The New York Times'' reported that employees had complained about pest infestations, fountains with brown water, weak cellular reception, elevator delays, and poor natural lighting.<ref name="nyt-2024-07-12">{{Cite news|last=Kodé|first=Anna|date=2024-07-12|title=The Chrysler Building, the Jewel of the Manhattan Skyline, Loses Its Luster|url=https://www.nytimes.com/2024/07/12/realestate/chrysler-building-manhattan.html|access-date=2024-07-12|work=The New York Times|language=en-US|issn=0362-4331}}</ref> Additionally, it would cost millions of dollars to upgrade the building to meet modern energy-efficiency codes.<ref name="Pascus a585" /> The Cooper Union moved to terminate RFR's ground lease of the Chrysler Building in September 2024, and RFR sued the college to prevent the termination of its leasehold.<ref name="Kaleta r298" /><ref>{{cite web | last1=Brenzel | first1=Kathryn | last2=Walter-Warner | first2=Holden | title=RFR sues Cooper Union to stop Chrysler Building eviction | website=The Real Deal | date=September 27, 2024 | url=https://therealdeal.com/new-york/2024/09/27/rfr-sues-cooper-union-to-stop-chrysler-building-eviction/ | access-date=September 28, 2024|postscript=none}}; {{cite web | last=Hallum | first=Mark | title=RFR Trying to Stop Ground Lease Termination on Chrysler Building | website=Commercial Observer | date=September 27, 2024 | url=https://commercialobserver.com/2024/09/rfr-holding-ground-lease-termination-chrysler-building/ | access-date=September 28, 2024|postscript=none}}; {{cite web | last=Elstein | first=Aaron | title=RFR on verge of losing Chrysler Building | website=Crain&#039;s New York Business | date=September 27, 2024 | url=https://www.crainsnewyork.com/real-estate/rfr-verge-losing-chrysler-building-cooper-union | access-date=September 28, 2024}}</ref> In its lawsuit, RFR claimed that the Cooper Union had driven away some tenants and had directed other tenants to make rent payments to the college rather than to RFR.<ref name="Elstein r764">{{cite web |last=Elstein |first=Aaron |date=October 9, 2024 |title=Embattled RFR accuses Chrysler Building landlord of driving away tenants |url=https://www.crainsnewyork.com/real-estate/rfr-says-chrysler-building-landlord-cooper-union-drove-away-tenants |access-date=October 11, 2024 |website=Crain&#039;s New York Business}}</ref> Subsequently, the Cooper Union requested that RFR be evicted,<ref>{{cite web | last=Bockmann | first=Rich | title=Cooper Union seeks to eject Aby Rosen from Chrysler Building | website=The Real Deal | date=October 21, 2024 | url=https://therealdeal.com/new-york/2024/10/21/cooper-union-seeks-to-eject-aby-rosen-from-chrysler-building/ | access-date=October 22, 2024|postscript=none}}; {{cite web | last=Elstein | first=Aaron | title=Chrysler Building landlord asks judge to 'eject and remove' operator RFR | website=Crain&#039;s New York Business | date=October 21, 2024 | url=https://www.crainsnewyork.com/real-estate/chrysler-building-landlord-cooper-union-asked-judge-evict-rfr | access-date=October 22, 2024}}</ref> and a state judge ordered tenants to pay rent to the Cooper Union that October.<ref name="Elstein z873">{{cite web |last=Elstein |first=Aaron |date=October 31, 2024 |title=Judge orders RFR to hand over Chrysler Building to Cooper Union |url=https://www.crainsnewyork.com/real-estate/judge-orders-rfr-hand-over-chrysler-building-cooper-union |access-date=November 1, 2024 |website=Crain&#039;s New York Business |postscript=none}}; {{cite web |last=Bockmann |first=Rich |date=October 31, 2024 |title=Cooper Union scores Chrysler Building rents while battle with RFR continues |url=https://therealdeal.com/new-york/2024/10/31/cooper-union-gets-chrysler-building-rents-in-rfr-dispute/ |access-date=November 1, 2024 |website=The Real Deal}}</ref> RFR's lease was ultimately terminated in January 2025.<ref>{{cite web | last=Velsey | first=Kim | title=Cooper Union Will Take the Chrysler Back From Aby Rosen | website=Curbed | date=January 30, 2025 | url=https://www.curbed.com/article/aby-rosen-rfr-cooper-union-loses-chrysler-building.html | access-date=February 1, 2025|postscript=none}}; {{cite web | last=Bockmann | first=Rich | title=Aby Rosen loses battle over Chrysler Building | website=The Real Deal | date=January 30, 2025 | url=https://therealdeal.com/new-york/2025/01/29/aby-rosen-loses-battle-for-chrysler-building/ | access-date=February 1, 2025}}</ref>