Chrysler Building to get its crown restored after being sold

The Chrysler Building, a prominent Art Deco skyscraper in Manhattan's skyline, is set to undergo a significant restoration as part of a multi-million-dollar sale deal. Built in 1928 and standing at 1,046 feet (319 meters), the building once held the title of the world's tallest structure until the Empire State Building took its place just a year later.

Developer Tishman Speyer has taken over the lease from the Cooper Union, a private college, and plans to invest $235 million (£178 million) in the project. This investment will see the renovation of the building's façade, the polishing of its Art Deco crown, and an upgrade of the 61st floor, which houses the iconic eagle gargoyles.

Additionally, a new upscale lounge will be added to the property. Most of the building will be repurposed for office space, taking advantage of its prime location near Grand Central railway station. The renovation follows a "prebuild approach," allowing businesses to move into their new premises quickly. Tishman Speyer highlights that the area surrounding the Chrysler Building has one of the lowest office availability rates in Manhattan, attributing this to the lack of new office construction in the neighborhood for decades.

The restoration will also encompass interior work, including upgrades to the building's mechanical, elevator, electrical, and air-handling systems. Architect William Van Alen designed the eagle gargoyles based on hood ornaments from the 1929 Chrysler car, a nod to the motor magnate who financed the building, Walter Chrysler. The Cooper Union, which has owned the land since 1902, will receive ground lease payments from Tishman Speyer to fund "a bold plan to restore full-tuition scholarships for all undergraduates."

Cooper Union's president, Steven McLaughlin, emphasizes that the agreement will provide opportunities for generations of students at the college.