The Chrysler Building.Roy Rochlin/Getty ImagesThe Chrysler Building, a renowned gem of NYC, is the latest victim of the office apocalypse.Cooper Union, the property owner, told the Journal that RFR Holding owed $21 million in rent.Commercial foreclosures surged post-pandemic, and the market is still struggling to recover.The Chrysler Building, a long-admired gem of New York City's skyline, could be the latest victim of the nationwide office collapse.The lease between Cooper Union, which owns the land on which the building sits, and RFR Holding was terminated last week, The Wall Street Journal reported.Cooper Union, a private college in the city, told the Journal that RFR Holding had not paid its rent since May and owed it $21 million."As a result of their nonpayment, they are in default of the ground lease agreement," John Ruth, Cooper Union's vice president of finance, said in a statement shared with Business Insider.
Comment on An iconic gem of New York City's skyline is the latest victim of the office collapse
kbalevic@businessinsider.com (Katie Balevic), Business Insider
Thu, 10/03/2024 - 11:10am
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