The Chrysler Building’s Art Deco crown will receive a $235 million refurbishment after developer Tishman Speyer acquired the lease from Cooper Union for the Advancement of Science and Art. The renovation will restore the iconic 77-storey skyscraper’s façade and upgrade its interior systems, including mechanical, elevator, electrical, and air-handling infrastructure.
Tishman Speyer plans to invest the sum as part of a project that will revive the building’s 61st floor, home to the eagle gargoyles modelled on the hood ornaments of 1929 Chrysler cars. The developer will also add an “upscale” lounge and convert most of the space near Grand Central railway station into offices. The company said it will use a “prebuild approach” to enable tenants to move in quickly.
The area around the Chrysler Building “has one of the lowest office availability rates in Manhattan,” according to Tishman Speyer, which noted that no significant new office construction has occurred there for decades. The renovation aims to address this shortage by readying the historic tower for modern commercial use.
The Chrysler Building opened in 1930 after construction began in 1928. It was financed by Walter Chrysler, the motor magnate, and briefly held the title of the world’s tallest building at 1,046 feet (319 metres) before being overtaken by the Empire State Building less than a year later.
Cooper Union, a private college whose alumni include Thomas Edison, has owned the land beneath the Chrysler Building since 1902. The land was donated by the children of Peter Cooper, the industrialist who founded the college in 1859.
Under the lease sale agreement, Tishman Speyer will make ground lease payments to Cooper Union. The college intends to use the funds to restore full-tuition scholarships for all undergraduates. Steven McLaughlin, Cooper Union’s president, said: “The significance of this agreement is ultimately about what it makes possible for generations of Cooper Union students.”
Workers restoring the Chrysler Building will contend with one of New York’s most distinct architectural landmarks, including the Art Deco crown’s stainless steel cladding and the gargoyles that jut out from the upper floors. The project’s scale and cost reflect the building’s status and the challenges of modernising a nearly century-old skyscraper while preserving its historic elements.
Tishman Speyer’s move follows a trend in Manhattan to retrofit older buildings for office use amid tight commercial space availability. The upgrade will bring new life to a structure that has stood beside Grand Central for almost 100 years but has seen few major renovations in recent decades.
The project’s completion timeline remains unconfirmed. However, the investment signals a significant shift in how New York’s architectural heritage intersects with the city’s evolving commercial landscape.
According to Joy Online.
