Chase Manhattan sold the property as part of a program to divest some of its real estate holdings. The bank may also have been motivated to sell because of ongoing litigation with one of its tenants, fashion designer Elie Tahari. Chase agreed to the sale only if the purchaser would indemnify it against current and future claims by Tahari. The bank allegedly tried to evict the designer because it considered Tahari's sample room a fire hazard. The bank succeeded in shutting down the firm's operations for a month.

Tahl Propp has a relationship with both parties; it has been banking with Chase for nearly 90 years and rents space to Tahari next door at 510 Fifth Ave. The deal makes Tahari a limited partner in the five-story, 70,000-sf property at the corner of 43rd Street.

The building features a 70-foot by 20-foot sculptural screen by Harry Bertoia consisting of hundreds of intersecting metal panels and a mobile sculpture that are part of Chase's art collection. They will remain at the building, which has been designated an official landmark by the city, as long as Tahl Propp owns the property.