New York’s famed Chrysler Building finally finds a buyer
A US real estate firm announced on Wednesday it is buying the Chrysler Building and will undertake a vast makeover of the art deco landmark that dominates New York’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…
A prominent US real estate firm, Tishman Speyer, has announced it will purchase the historic Chrysler Building in New York. The firm plans to undergo a significant renovation of the iconic art deco structure that has long been a symbol of the city's skyline. The Chrysler Building, completed in 1930, had been the subject of ongoing debate regarding its ownership over recent years.
Tishman Speyer, along with other investors, will invest a total of $235 million into the property to refurbish both its interior and exterior. The new owners will also enter into a 150-year ground lease with the Cooper Union, an educational institution that currently owns the land the tower sits upon.
Tishman Speyer's involvement with the building dates back to 1997 when they acquired the lease at auction. Since then, they have fully divested from the property in 2019. The firm's current strategy involves a comprehensive modernization of the building's mechanical, electrical, and air conditioning systems.
One notable alteration will be the conversion of the 61st floor into a dining space, complete with access to outdoor terraces. The restoration efforts will also encompass the building's facade and the well-known stainless steel crown. The ultimate aim of this project is to equip the Chrysler Building with the necessary updates to compete with the more contemporary skyscrapers currently dominating New York's urban landscape.
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Also reported by 1 other outlet
- Tishman Speyer strikes a deal for control of the Chrysler Building seekingalpha.com
