Several local New York outlets have reported an update on the financial dispute between the Chrysler Building’s owner-operator RFR and The Cooper Union, which has held the land use rights to its lot since 1902.
The Austrian-based developer purchased William Van Alen’s landmarked design for $150 million in 2019 and is now being threatened with eviction by the college after reportedly not paying rent since May. RFR in turn filed a lawsuit last month, claiming "an improper and fatally defective eviction proceeding" on the part of Cooper Union.
The ground rent is now expected to increase to $41 million by 2028, adding to the challenges posed by its inability to retain tenants because of poor cell phone reception and unsanitary taps. The suit also claims Cooper Union's reaction to student-led anti-war protests this past year has led others to withdraw. The college has since called these claims "irrelevant, scandalous, and prejudicial.”
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