NEW YORK: The iconic Chrysler Building, one of the most recognizable landmarks in Manhattan’s skyline, is set for a major renovation following a multi-million-dollar lease agreement.
The historic skyscraper, which opened nearly a century ago, will undergo extensive restoration work as developer Tishman Speyer takes over the lease from Cooper Union for the Advancement of Science and Art. Tishman Speyer and its partners plan to invest $235 million in upgrading the landmark property.
The renovation will include polishing and restoring the building’s distinctive Art Deco crown, along with restoration work on its 77-storey façade.
Chrysler Building Renovation Plans
As part of the project, Tishman Speyer will upgrade the building’s 61st floor, which features its famous eagle gargoyles. The floor is also expected to include an upscale lounge as part of the redevelopment.
Most of the Chrysler Building will continue to be used as office space. Located near Grand Central railway station, the property is being positioned as a modern workplace destination in an area where office availability remains relatively limited.
Tishman Speyer said it plans to follow a “prebuild approach,” allowing businesses to move into newly prepared office spaces more quickly. The company said new office construction in the neighborhood has been virtually nonexistent for decades.
Historic Landmark to Receive Modern Upgrades
The Chrysler Building renovation will also cover important internal systems. Planned improvements include upgrades to mechanical systems, elevators, electrical infrastructure and air-handling equipment.
Standing at 1,046 feet (319 meters), the Chrysler Building was once the tallest building in the world. It held the title for less than a year before the nearby Empire State Building surpassed it.
Financed by automobile executive Walter Chrysler, construction began in 1928 and was completed in 1930. Architect William Van Alen designed the building, including its famous eagle gargoyles, which were inspired by hood ornaments used on 1929 Chrysler automobiles.
Cooper Union has owned the land beneath the building since 1902. Under the new agreement, Tishman Speyer will make ground lease payments to the college.
Cooper Union President Steven McLaughlin said the agreement could help support the institution’s plans to restore full-tuition scholarships for all undergraduate students, creating opportunities for future generations.
