|
|
Article: Chrysler deal anchors Cooper Union.
- Article from:
- Crain's New York Business
- Article date:
- December 8, 1997
- Author:
CopyrightCOPYRIGHT 1997 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Long-term lease with Tishman provides operating income for school
When Tishman Speyer properties won the coveted Chrysler Building late last month, the invisible hand in the deal was that of Cooper Union for the Advancement of Science & Art.
Cooper Union, which owns the land under the building at Lexington Avenue and 42nd Street, put New York developer Jerry Speyer in the driver's seat in his dealings with the Fuji Bank-led consortium of lenders that were selling off their troubled $250 million mortgage.
By cutting a so-called "sandwich lease" with Mr. Speyer's group, Cooper Union gave him an advantage over the other bidders, including the real estate ...