Jeff Gural’s GFP Real Estate In Talks For Chrysler Building

Jeff Gural’s GFP Real Estate is in talks to buy the iconic Chrysler Building.

GFP has had advanced discussions with Cooper Union about acquiring the ground lease on the Art Deco skyscraper at 405 Lexington Avenue, sources told The Real Deal.

The private college, which owns the land under the Chrysler Building, is working toward awarding the deal soon, sources said. Nothing has been finalized, though, and the process is subject to change.

Representatives for GFP and Cooper Union did not respond to requests for comment.

Tishman Speyer was reportedly considered the front-runner to acquire the iconic building as recently as January, though that no longer appears to be the case.

A major sticking point in negotiations, according to sources, has been the ground rent a new owner would have to pay Cooper Union, which is expected to climb to $41 million in two years.

Cooper Union first began marketing the ground lease on the property last spring after terminating the lease with Aby Rosen’s RFR, which stopped paying rent and racked up $21 million in arrears. Rosen’s company bought the lease for $151 million in 2019 from Tishman Speyer and the Abu Dhabi Investment Council. RFR sued Cooper Union in 2024 after the school tried to terminate the lease, but a judge ultimately ruled in the school’s favor. RFR at the time was trying to renegotiate the ground rent.

“Given the strength of the leasing market and given where this sits in the market, we feel it’s a great opportunity to reimagine what is the crown jewel of the New York City skyline,” Savills’ David Heller, who is overseeing the marketing process, said at the time.

GFP is part owner of the Flatiron Building, which is currently being converted into condos with the Brodsky Organization and the Sorgente Group.