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Chrysler Building slated for $235m renovation after lease takeover
Developer Tishman Speyer plans to restore the Art Deco crown and refurbish the 77-storey façade, targeting office use near Grand Central.
The Chrysler Building in Manhattan will undergo a major renovation as part of a multi-million-dollar sale deal, with the project focused on restoring the building’s Art Deco crown. BBC Business reports the work will also include refurbishment of the 77-storey façade.
Developer Tishman Speyer has taken over the lease from Cooper Union for the Advancement of Science and Art, and the developer and its partners plan to invest $235m, or about £178m, in the project. The plan includes upgrades to the 61st floor, which features eagle gargoyles, and the addition of an upscale lounge.
The developer said it is planning to use most of the building, close to Grand Central railway station, for office space. The renovation will involve internal improvements to mechanical, elevator, electrical and air handling systems.
The Chrysler Building, opened in New York nearly 100 years ago and standing at 1,046 feet, will also follow a “prebuild approach” intended to let firms move into the premises more quickly. BBC Business notes the building was once the world’s tallest before being overtaken less than a year later.