Chrysler Building Crown Set for Restoration After Multi-Million Dollar Lease Sale

The Chrysler Building, a defining element of New York City’s skyline, is set for a comprehensive restoration as part of a significant lease transfer agreement. Developer Tishman Speyer has assumed the lease from the Cooper Union for the Advancement of Science and Art, committing $235 million (£178 million) toward a refurbishment that includes polishing the structure’s famous Art Deco crown and restoring its 77-storey façade.

Opened nearly a century ago in Manhattan, the skyscraper briefly held the title of the world’s tallest building before the Empire State Building surpassed it less than twelve months later. Construction began in 1928 under automotive magnate Walter Chrysler, with architect William Van Alen designing the eagle gargoyles based on 1929 Chrysler hood ornaments.

Under the new plan, Tishman Speyer intends to utilize the majority of the building, located near Grand Central Terminal, for office purposes. The developer adopted what it describes as a “prebuild approach,” allowing tenants to occupy spaces quickly. Renovations will also encompass internal upgrades to mechanical, electrical, elevator, and air handling systems, along with improvements to the 61st floor, which features the iconic eagles and will host an upscale lounge.

Tishman Speyer highlighted the strategic timing of the investment, noting that the neighborhood maintains one of Manhattan’s lowest office vacancy rates while new construction has been rare for decades.

For the Cooper Union, the financial terms of the deal support a broader institutional goal. The private college, founded by industrialist Peter Cooper in 1859 and attended by inventor Thomas Edison, has owned the land beneath the skyscraper since 1902. President Steven McLaughlin emphasized that the agreement funds a plan to restore full-tuition scholarships for all undergraduate students, calling the impact vital for future generations of attendees.