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CurbedWire: Big Box Fears Overtaken by Art, Chrysler Building Sale (Sort of) Clarified

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[Photo: Will Femia]

WEST VILLAGE?Well, it turns out that a potential big box store space in a building at Seventh Avenue South and Clarkson Street will be something else entirely. It will be the future home of The Jerome L. Greene Performance Center. [CurbedWire Inbox]

MIDTOWN?A tipster passes on a email seeking to clarify the "sale" of the Chrysler Building from Cooper Union's George Campbell Jr. re "The Recent Chrysler Building Transaction." It says, "We have received numerous inquiries from alumni and friends recently about the various news media reports of the "purchase" of the Chrysler Building from Tishman Speyer by an Abu Dhabi investment group. Many of the press reports have been misleading at best and, in some cases incorrect. I'd like to clarify for you what the actual facts are regarding the transaction. The Cooper Union for the Advancement of Science and Art owns both the Chrysler Building and the land on which it was built. Cooper Union has leased the building to a consortium of investors, led by Tishman Speyer, one of New York's premiere real estate firms, which, under the terms of our lease, manages the building. The various investors in the lease can buy and sell their interests in the lease at any time. Such transactions have no effect on The Cooper Union's ownership of the property or on the rents payable to Cooper Union, which were established in the most recent lease agreement, signed in 2006." But, wait, the "rent" is actually taxes collected by the city of about $9 million a year and paid to the city? That clears things up. [CurbedWire Inbox]

Chrysler Building

, Manhattan, NY 10174