Tishman Speyer has finalized a 150-year ground lease for Manhattan’s Chrysler Building that includes a $235 million investment in the property and lease payments to The Cooper Union.
The agreement provides for renovations to the 77-story tower at 405 Lexington Ave., with plans to reshape it as a boutique office building. It will also help the East Village college return to full-tuition scholarships for all undergraduates.
Cooper Union has owned the land beneath the building since 1902, when the children of its founder, Peter Cooper, gave it to the school. The land has long provided financial support for the college.
Please note! Comments are published by readers. The opinions expressed may not reflect the position of the editorial team. USCT is not responsible for the content of readers' opinions and asks authors to observe moral standards, not to incite national or racial hatred, and to avoid rudeness. Think before you speak. You are responsible for your words! By publishing an opinion, you agree to the rules! If this request is ignored, USCT reserves the right to deprive the user of the ability to leave comments.