New York's iconic Chrysler Building finally has a buyer and it's getting a major makeover

The iconic Chrysler Building in New York City has found a new owner and is set for a significant transformation. Tishman Speyer, a commercial real estate firm, has acquired the property and plans to invest $235 million in a comprehensive renovation. The building, completed in 1930, had been under uncertainty regarding ownership for years.

Tishman Speyer, which acquired the lease at auction in 1997, will allocate a substantial portion of the funds towards refurbishing the deteriorating interior and exterior of the Art Deco landmark. The 61st floor, featuring a tribute to early Chrysler radiator caps, is to be transformed into a dining area with access to outdoor terraces.

Additionally, the facade will undergo restoration, and its stainless steel crown will be polished. The renovation aims to equip the building to compete with more modern skyscrapers in the city. The Chrysler Building, originally built in 1930 as a symbol of exuberance and modernity, held the title of the world's tallest building until 1931.

Owned since 1902 by Cooper Union, a private college focusing on art, architecture, and engineering, the property has seen several potential buyers, including a consortium of real estate firm RFR and Austrian firm Signa. However, Signa's insolvency led to Tishman Speyer's acquisition in 2019. Currently, the building houses prestigious law firms, investment groups, and creative agencies.

Despite its landmark status, the Chrysler Building faces competition from newer buildings and must navigate the approval process mandated by the New York City Landmarks Preservation Commission.