Aby Rosen's RFR Holdings has been ordered by a Manhattan judge to vacate the Chrysler Building after failing to make $21 million in ground lease payments. This decision comes after months of financial struggle for RFR, which has also lost other prominent properties. The court ruling dismissed RFR's claims against Cooper Union regarding alleged disturbances from protests affecting tenant retention. Moving forward, Cooper Union is now positioned to manage leasing of the building with potential new partners and will begin collecting rents after gaining control of the property.
"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, Cooper Union's vice-president of finance and administration, wrote in a statement.
Rosen had been struggling to hold onto the Art Deco skyscraper for months, after falling behind on its ground lease payments last spring - the latest in a string of high-profile losses that RFR has suffered.
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