Chrysler Building's Crown to Be Restored in Multi-Million Dollar Renovation
The iconic Art Deco skyscraper will undergo significant upgrades as part of a new lease deal, including the restoration of its facade and interior systems.
The Chrysler Building, a landmark of Manhattan's skyline, is set for a major renovation following a multi-million dollar sale agreement. The nearly century-old skyscraper will see its distinctive Art Deco crown restored and its 77-story facade refurbished as part of the extensive project.
Tishman Speyer has taken over the lease from the Cooper Union for the Advancement of Science and Art, the private college that owned the building. The developer and its partners plan to invest $235 million in the renovation. This investment will include an upgrade to the 61st floor, notable for its eagle gargoyles, which will be transformed into an upscale lounge.
The primary use for the building, located near Grand Central Terminal, will be office space. Tishman Speyer is employing a "prebuild approach" to enable companies to occupy their new premises rapidly. The company highlighted that the area has a very low office vacancy rate and has seen little new office construction in decades.
The renovation will also encompass internal improvements, such as upgrades to the building's mechanical, elevator, electrical, and air handling systems. At 1,046 feet, the Chrysler Building was once the world's tallest building before being surpassed by the Empire State Building less than a year later.
Financed by automotive magnate Walter Chrysler, construction of the skyscraper began in 1928 and was completed in 1930. Architect William Van Alen drew inspiration for the building's eagle gargoyles from the hood ornaments of the 1929 Chrysler car.