Chrysler Building to get crown restored after sale
Manhattan's iconic skyscraper to undergo major renovation including its Art Deco crown and 77-storey facade funded by a $235m investment.
Stock photo for illustration only, not from the actual event
- Chrysler Building set for major renovation following a sale deal
- Developers to invest $235m in upgrading the historic skyscraper
- Art Deco crown and eagle gargoyles floor to be restored
- Building to offer modernized office spaces with rapid prebuild options
The Chrysler Building, one of the most distinctive high-rises in Manhattan's skyline, will undergo a major renovation as part of a multi-million-dollar sale deal. The nearly 100-year-old New York skyscraper will see its Art Deco crown polished and restored alongside a refurbishment of the building's 77-storey facade.
Developer Tishman Speyer has taken over the lease from the Cooper Union for the Advancement of Science and Art, a private college. Tishman Speyer and its partners will invest $235m, or about £178m, into the project, which will include upgrading the 61st floor featuring massive eagle gargoyles and a new upscale lounge.
Stock photo for illustration only, not from the actual event
The developer plans to utilize most of the building, situated near Grand Central railway station, for office space using a prebuild approach to allow firms to move in quickly. The renovation will also encompass internal mechanical, elevator, electrical, and air handling system upgrades.
Standing at 1,046 feet or 319 meters, the Chrysler Building was once the world's tallest building before being surpassed less than a year later by the Empire State Building. Financed by motor magnate Walter Chrysler, construction began in 1928 and finished two years later, with architect William Van Alen modeling the eagle gargoyles on 1929 Chrysler car hood ornaments.
This extensive restoration of the Chrysler Building highlights the ongoing evolution of prime Manhattan real estate, where century-old architectural masterpieces must blend historical preservation with state-of-the-art office infrastructure to remain competitive in modern commercial markets.
The Cooper Union college, whose alumni include inventor Thomas Edison, has owned the land since 1902 after it was bequeathed by the children of founder Peter Cooper. Under the current deal, ground lease payments will help finance the college's plan to restore full-tuition scholarships for all undergraduates.
Source: BBC Business
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