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by Rosen has parted ways with the Chrysler Building, but he's not letting go of its adjacent sibling, the Trylons at 145-155 E. 42nd Street. As the owner of RFR, Rosen now holds the property outright, free from a costly ground lease that had previously complicated his plans.

    Rosen sees this as an opportunity to redevelop the Philip Johnson-designed retail parcel, which he's always envisioned as a prime spot for something new. "This is a wonderful chance," he said. "We've always thought about redeveloping it."

    The 13,000 square-foot lot can accommodate up to 100,000 square feet of floor space without any zoning changes, but Rosen believes the site could support a much larger and taller building with the right approvals.

    Rosen plans to lease the property rather than sell it, leaving his options open depending on market demand. He's considering various uses, including experiential retail, an auto dealership, or a tech brand headquarters. "We're already talking to three large car companies that are very interested," he said.

    If a tenant is willing to commit to a larger project, Rosen is open to building something much bigger – up to 600,000 square feet and 40 stories tall. However, he's not interested in creating a skyscraper that would dwarf the Chrysler Building.

    Rosen expects it will take around two years to find a tenant and design the new building. He's just begun marketing the site to large retailers and plans to expand his outreach through his retail subsidiary MONA.

    Despite the setback with the Chrysler Building, Rosen is rebounding from the loss. RFR has successfully refinanced several major properties, including the Seagram Building, 475 Fifth Avenue, and 17 State Street downtown. "Sometimes you have to move on," he said. "We're cleaning up the mess and getting back to what we love doing."