The owners of the Chrysler Building, amidst financial turmoil, are facing eviction due to unpaid ground lease obligations, jeopardizing the iconic skyscraper's future.
Rene Benko's Signa Holding and RFR Holding acquired the Chrysler for $151 million in 2019, aiming to restore its glory, but failed to maintain lease obligations.
With the Cooper Union announcing the termination of the lease due to overdue payments, the owners' plans for the Chrysler Building are now in jeopardy.
Legally, the ground lease arrangement complicates the relationship between the landowner—Cooper Union—and the building's owners, who are now embroiled in a lawsuit.
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