Aby Rosen Readies Chrysler Building Neighbor for Development

Aby Rosen may have been kicked out of the Chrysler Building, but he wasn’t kicked off the block.

RFR Holding is planning a redevelopment of the Trylons property next to the Chrysler Building, the New York Post reported. RFR owns the vacant property at 145-155 East 42nd Street, a much different situation than the ground lease environment of its next-door neighbor.

Conceptual renderings of 145-155 East 42nd Street (RFR)

“We always had the idea to redevelop it,” Rosen said of the triangular-topped Trylons, which was formerly occupied by Capital Grille.

The Trylons lot is only 13,000 square feet, but Rosen claims a property can be built up to 100,000 square feet as-of-right, perhaps growing taller after demolition. Depending on how big Rosen wants to go, he could also snap up air rights and even apply for an allowance under the Midtown East rezoning, potentially putting the property through ULURP.

Rosen’s goal is to redevelop the property and then lease it. He said what comes of the building will likely depend on market demand, though he likely isn’t willing to go under 100,000 square feet, for which he’d charge $10 million annually on a triple-net lease.

Possibilities floated include experiential retail, a space for a technology brand or an auto dealership, which the RFR head claims has already drawn interest from car companies. Office and hotel spaces are also candidates.

RFR started marketing the space last week and plans to draw more attention to the property going forward through MONA, its retail subsidiary. Rosen said it could take up to two years to pick a tenant or come up with a redesign.

That means Rosen will have plenty of time to lurk in the shadows of the Chrysler Building, which RFR leased before Cooper Union ejected them from the iconic property, a decision affirmed by a judge in January.

RFR sued Cooper Union in September after the school tried to terminate the company’s ground lease. Cooper Union claimed the company stopped paying rent in June and racked up arrears to the tune of $21 million.

Rosen does not plan to appeal the judge’s ruling in the case.

— Holden Walter-Warner