Understand
Chrysler Building set for major restoration after multi-million-dollar sale to Tishman Speyer
Overview
The iconic Chrysler Building in Manhattan is undergoing a major multi-million-dollar renovation following a sale deal where developer Tishman Speyer took over the lease. The project, backed by a $235m (£178m) investment, will restore the skyscraper's Art Deco crown, 77-storey façade, and internal systems, as well as introduce an upscale lounge on the 61st floor.
Key points
- Developer Tishman Speyer has taken over the lease of the Chrysler Building and will invest $235m (£178m) in renovations.
- The refurbishment includes polishing the Art Deco crown, restoring the 77-storey façade, and upgrading mechanical, elevator, and electrical systems.
- The 61st floor, featuring eagle gargoyles, will be upgraded to include an upscale lounge.
- The building will primarily be used for office space, leveraging low office availability in the Manhattan neighbourhood.
- Ground lease payments made to the land owner, Cooper Union, will help finance full-tuition scholarships for all undergraduates.