January 10, 2019
The building does not own the land beneath it and rental costs of land
in Manhattan have escalated. The land the building stands on is owned by the Cooper Union school. Land rent was $7.75 million in 2017, but jumped to $32.5 million in 2018. It will rise to $41 million in 2028. Maintenance costs can be high on a 1930 building and it faces much competition from surrounding office buildings with more modern amenities.
The Chrysler Building was the headquarters of Chrysler Corporation until 1953 but was never owned by the corporation. It was built and owned by Walter P. Chrysler. At the time of its opening, it was the tallest building in the world. It was passed by the Empire State Building just eleven months later and is now the 8th tallest building in NYC.