The Chrysler Building, a 77‑storey icon on Manhattan’s skyline, will undergo a major refurbishment as part of a $235 million investment by developer Tishman Speyer. The deal, which sees the firm taking over the lease from the Cooper Union for the Advancement of Science and Art, will see the building’s Art Deco crown polished and restored, along with upgrades to the façade and interior systems.
Cooper Union, which has owned the land since 1902, will receive ground lease payments that the college plans to use to fund a bold plan for full‑tuition scholarships for all undergraduates. Cooper Union president Steven McLaughlin said the agreement “is ultimately about what it makes possible for generations of Cooper Union students.”
Tishman Speyer will also upgrade the 61st floor, home to the building’s eagle gargoyles, and add an upscale lounge. The developer intends to use most of the building, located near Grand Central, as office space, citing the area’s low office availability rates and the lack of new office supply in the neighbourhood for decades.
In addition to exterior work, the renovation will include mechanical, elevator, electrical and air‑handling system upgrades. The Chrysler Building, once the world’s tallest at 1,046 ft (319 m) before being surpassed by the Empire State Building, was financed by motor magnate Walter Chrysler and completed in 1930.
With the restoration complete, the building will once again stand as a testament to New York’s architectural heritage while providing modern office space for businesses.
