"In 2025, RFR's Aby Rosen, who bought the building at what seemed like a bargain price of $150 million six years earlier, fell $21 million behind on the payments and defaulted."
"Gural's most recent move was to gain full control of the emptied-out Flatiron Building, embarking on a gut renovation of its dilapidated innards, turning it into apartments."
"Reimagining the building in whole or in part as a residence is a thrilling idea, but the economics of conversion will be trickier than for the Flatiron."
The Chrysler Building has had only two residents in its 96-year history, one an artist and the other a corporate leader. As the building faces foreclosure, potential new ownership could lead to residential conversions. Aby Rosen defaulted on payments, and Jeffrey Gural is now the front-runner to acquire the building. Gural's recent success with the Flatiron Building renovation raises questions about the feasibility of converting the Chrysler into apartments, which would require significant modifications and renovations due to its size and existing infrastructure.
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