Chrysler Building to undergo major renovation and crown restoration
The Chrysler Building in Manhattan will undergo a major renovation as part of a multi-million-dollar sale deal.
In Brief
- •The Chrysler Building in Manhattan will undergo a major renovation as part of a multi-million-dollar sale deal.
- •The renovation will include restoring the Art Deco crown and the 77-storey façade.
- •Developer Tishman Speyer will invest $235m in the project, upgrading the 61st floor and adding an upscale lounge.
- •The building, once the world's tallest, will be used primarily as office space.
- •The Cooper Union college will receive ground lease payments to finance scholarships for all undergraduates.
Why It Matters
The renovation of the Chrysler Building is significant for several reasons. Firstly, it represents a major investment in Manhattan's real estate market, which has one of the lowest office availability rates in the area. Secondly, the project will restore the building's iconic Art Deco crown and façade, preserving its historical and architectural significance. Lastly, the deal between Tishman Speyer and the Cooper Union college highlights the importance of public-private partnerships in funding educational initiatives, such as full-tuition scholarships for all undergraduates.
Key Details
- Investment Amount
- $235m
- Building Height
- 1,046ft (319m)
- Year Opened
- 1928
- Original Owner
- Walter Chrysler
- Current Owner
- Tishman Speyer
- Previous Owner
- Cooper Union for the Advancement of Science and Art
Context & Background
The Chrysler Building was constructed in 1928 and was once the world's tallest building before being surpassed by the Empire State Building. The building's iconic eagle gargoyles were modeled after hood ornaments found on the 1929 Chrysler car. The Cooper Union college, which has owned the land on which the Chrysler Building stands since 1902, has a rich history and has produced notable alumni such as inventor Thomas Edison.
Original Reporting & Sources
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