NEW YORK -- A U.S. real estate firm announced Wednesday it is buying the Chrysler Building and will undertake a vast makeover of the Art Deco landmark that dominates New York City’s skyline.
The Chrysler Building, which was opened in 1930 as a symbol of exuberance and modernity, had faced several years of uncertainty over its ownership.
Tishman Speyer, a commercial landlord, said it and other investors will inject US$235 million into the property to refurbish its aging interior and exterior.
They will also pay rent to Cooper Union, a New York college that owns the land on which the Chrysler Building stands, as part of a 150-year ground lease.
Tishman Speyer is no stranger to the famous 77-storey office tower: the developer bought the lease at auction in 1997 and finished fully divesting from it in 2019.
Investors now plan an intensive program to modernize the mechanical, electrical, and air conditioning systems.
The 61st floor, whose exterior features a tribute to the radiator caps of early Chrysler vehicles, is to be converted into a dining space with access to outdoor terraces.
The project also includes restoration of the facade and polishing of its famous stainless steel crown.
The goal is to enable it to compete with the more modern skyscrapers in the city.
