Chrysler Building Owners Abby Rosen RFR Holding Forced Out of Iconic NYC Skyscraper

Aby Rosen and Michael Fuchs’ RFR Holding has been unceremoniously ousted from the iconic Chrysler Building. In a dramatic courtroom showdown, last week a Manhattan judge delivered the final blow—terminating RFR’s ground lease and ordering them to vacate the legendary skyscraper. The ruling follows RFR’s staggering $21 million in unpaid rent, a debt that prompted Cooper Union, which owns the land beneath the 77-story landmark, to initiate eviction proceedings in September.

Desperate to turn the tide, RFR struck back with a lawsuit against the private college, arguing that Cooper Union’s handling of Israel-Palestine protests had unsettled the real estate world and driven away tenants. But the gambit failed spectacularly—the judge flatly rejected the claim and instead awarded Cooper Union damages for the massive unpaid rent. Now, one of New York’s most famous towers is slipping from RFR’s grip, marking a stunning downfall for Rosen and Fuchs’ high-stakes empire.

Aby Rosen’s RFR Holding and Signa Holding GmbH, Austria’s largest privately owned real estate company, purchased the lease on the Chrysler Building, located near Grand Central Terminal in midtown Manhattan, for $151 million in 2019.

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At the time, Bloomberg reported that Aby Rosen was considering converting the 68-story tower into a hotel.

“RFR could never overcome the basic fact that they were in arrears to the tune of $21 million and had not paid rent in months,” John Ruth, vice president of finance and administration at Cooper Union, said in a statement, according to Curbed.

The Chrysler Building is a shimmering art deco skyscraper from 1930 whose spire once made it the world’s tallest building. It is located at 405 Lexington Ave, New York.

In 1928, automotive titan Walter P. Chrysler, founder of Chrysler Corporation, bought the property from Coney Island developer William H. Reynolds for $2 million. Chrysler hired architect William Van Alen, who had previously designed a skyscraper for Reynolds on the site, to create the world’s tallest tower. Construction on Chrysler’s project began in 1929 and was completed in 1930. Reaching a height of 1,048 feet, including its 125-foot steel spire, the Chrysler Building surpassed the Woolworth Building and 40 Wall Street in Lower Manhattan in a “Race to the Sky” to claim the tallest building in the world–a title it held until 1931.

The Chrysler Building still reigns as the world’s most famous skyscraper, playing prominent roles in film and television from Godzilla and Spider-Man to Sex and the City.