Developer Tishman Speyer has announced plans for an extensive restoration and modernization of New York City’s Chrysler Building following a new lease agreement with Cooper Union, which owns the land beneath the historic skyscraper. The developer has committed $235 million toward improvements to the 1.3 million-square-foot (120,774-square-meter) Art Deco landmark.
Designed by architect William Van Alen and completed in 1930, the Chrysler Building is among New York’s most recognizable skyscrapers. The proposed work includes restoring its exterior façade, polishing its distinctive stainless-steel crown, and upgrading aging mechanical systems. The investment follows years of reported deterioration and represents a significant effort to preserve the building’s architectural character while improving its long-term commercial viability.
The renovation will also involve redesigning approximately 75 percent of the building’s office interiors to accommodate contemporary workplace requirements. Plans call for transforming the 61st floor, distinguished by its prominent Art Deco gargoyles, into an amenity level featuring lounges, wellness facilities, and outdoor terraces. Historically designated public spaces will be preserved in accordance with landmark protections.
Tishman Speyer previously owned and renovated the Chrysler Building during the 1990s before selling its interest in 2008. Its return to the property, alongside investment partners including PSP Investments, marks a new chapter in the building’s stewardship and repositioning within Manhattan’s competitive office market.
The lease agreement will also provide ongoing financial support to Cooper Union, which has owned the underlying land since 1902. The project illustrates the growing emphasis on extending the functional life of historic skyscrapers through architectural conservation, infrastructure upgrades, and the adaptation of existing commercial space to contemporary needs.
Read more at Dezeen.