Posted on 10/04/2024 11:49:08 AM PDT by Olog-hai
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. A termination notice was sent on September 13 and went into effect on September 27, the statement said. …
(Excerpt) Read more at businessinsider.com ...
But when Otis invented the elevator is was a box with six faces we are all familiar with. The CU has custom designed elevators.
Nonsense. Penn Station was build in 1910, before the stock market bubble, and was arguably the most elegant railroad station in the world. Go down Park Avenue or Fifth Avenue. The Chrysler Building was only one of many handsome and elegant building build in the first half of the 20th Century in New York City, before and after the Stock Market crash.
What killed the Chrysler Building, and the New York office-building market is the move to decentralization brought on by better communications technology, a trend accelerated by the Covid hysteria.
Yes. I saw "Chrysler Building" and "collapse" and nearly fell off my chair. Hope this beautiful building never meets a wrecking ball.
For that I am grateful for Jackie O -- and whoever else saved beautiful Grand Central Station.
Penn Station is disgusting. And it sadly used to be an incredible palace that never should have been demolished. What were they thinking??
“Cooper Union is tuition free for students who are admitted.”
Used to be, they started charging some tuition in the last few years but it is still cheap.
It held the world’s tallest building title for 11 months until the Empire State Building was completed.
Tsk, tsk.
Movie: Q
“Give a conservative a pile of bricks and you get a city. Give a liberal a city and you get a pile of bricks.”
Now that sounds like an excellent tag line.
“Damned shame the damage the Democrats have done to New York City...”
Just reflecting the will of the voters.
When the building gets infested with DemonKKKrats, its time to move out. In N.Y.C. it’s infested. The rats are eating the cats!
I always wondered how a ground lease worked under a default scenario. My guess is that the owner of the lane takes possession of the building and then sells it off to satisfy the debt for the unpaid rent (both prior and future rent).
Please convey to your son a BIG THANK YOU for his service to our country.
Wow! That's some steep rent.
I've been on many floors of the Empire State Building
and frankly I don't think it's worth the rent.
There's many really nice views from the upper floors
but they ain't worth millions of dollars in rent.
Most voters in NYC are passive Democrats (or were). Since the most activist (left wing) voters turn out for the primaries, there is a snowball effect with any such place becoming increasingly more left wing, like the proverbial boiling frog.
Would be sad to see it collapse.
Before the better communications technology, these cities were already in trouble due to the combustion engine, automobiles, and the National Highway System which removed the need to go so ridiculously vertical for one building type (offices) in cities where other industries had already departed.
Elisha Otis didn't just invent the safety elevator, he inadvertently invented a manacle that chained modern cities to a certain type of building and thus infrastructure design that has been superseded a century ago. Related to this story, he first built his safety elevators for the Cooper Union Foundation building in New York in the 1850s.
The Democrats were a symptom, not a cause. New York City was already a dying institution.
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