When Is The Chrysler Building Gonna Figure Itself Out?

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The Ownership Shakeup: Who Controls the Spire?

It is arguably one of the most beloved silhouettes in the world, yet the Chrysler Building exits 2025 in a state of unprecedented flux. While its Art Deco spire remains a beacon of 1930s optimism, the internal reality of the building is a complex mix of 100% occupancy and a “fire sale” future.

The biggest news entering 2026 is that the Chrysler Building was unable to get sold in 2025 after listing in May. For years, the building was controlled by RFR Realty (led by Aby Rosen), which purchased the leasehold for a bargain $151 million in 2019. To put it into perspective, J.P. Morgan spent $3 billion to build 270 Park Avenue.

The building is a land lease property, where the ownership of the building is separated from the ownership of the land it sits on. One party—often a developer or a co-op corporation—owns the structure and handles its operations, while paying regular "ground rent" to a separate landowner for the right to occupy the space.

These agreements are typically very long-term, often spanning 50 to 99 years, but they carry a unique risk: once the lease expires, the building and all its improvements generally revert to the landowner unless a renewal is negotiated.

For the Chrysler building however, a bitter legal battle concluded in January 2025, when a New York court ruled in favor of Cooper Union, the college that owns the land beneath the tower.

• The Default: RFR allegedly defaulted on over $21 million in “ground rent” payments.

• The Eviction: Following the court ruling, Cooper Union terminated RFR’s lease and took full control of the building.

• The Sale: Cooper Union has since tapped real estate firm Savills to find a new owner. Experts predict the price will need to account for massive renovations and skyrocketing land rent, which is set to hit $41 million annually by 2028.

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Occupancy: Full, But Fading?

Despite the drama in the boardroom, the building’s 1.2 million square feet of office space are technically nearly 100% occupied. Major tenants like Creative Artists Agency (CAA) and law firm Moses & Singer remain, but reports have surfaced of "crumbling" conditions.

Tenants have complained of slow elevators, discolored water, and outdated HVAC systems that struggle with New York's climate—issues that Smithsonian Magazine notes have made the building fall into a state of relative disrepair. If left unchecked, which it sounds like a lot of these issues have been, they could compound and make renovations even more costly and time sensitive.

To put renovation costs into perspective, the Waldorf Astoria was built in 1931 on park avenue and saw a massive renovation that took almost 8 years and a staggering $2 billion makeover. That being said, a building of the Chrysler’s size could see a timeline and cost similar to that of the Waldorf Astoria’s. On top of that, the Chrysler is at almost full occupancy so they would need to complete renovations potentially while tenants are still in the building, or would need to find a way to clear out tenants for a renovation.

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What’s Next For The Crown Jewel?

For those hoping to step onto the 61st-floor terrace—the site of the famous eagle gargoyles—the news remains disappointing. While the city approved plans for a new observation deck back in 2020, the project remains stalled and "up in the air" due to the financial instability and ownership transitions. As of late 2025, there is no public observation deck open.

Current Access: The public is still permitted to enter the Art Deco lobby for free during business hours (typically 8:00 AM – 6:00 PM, Monday through Friday). It remains the only way for the average New Yorker to experience the building’s celestial ceiling murals and Moroccan marble.

The sale of the Chrysler Building is being watched as a litmus test for the Manhattan office market. Some investors are floating the idea of converting the building into a boutique hotel—though the landmark status and plumbing infrastructure make such a transition a significant challenge.

For now, the Chrysler Building stands as a monument to the past waiting for a savior with deep enough pockets to secure its future.