NEW YORK CITY — The Chrysler Building has a new owner and will be getting a $235 million renovation, according to multiple reports.
Real estate firm Tishman Speyer announced on Wednesday that it has finalized a 150-year ground lease for the 77-story building.
The firm will invest $235 million, including ground lease payments to Cooper Union, who has owned the land under the Chrysler Building since 1902.
The renovations will include restorations of its facade and its crown.
Cooling towers will be upgraded as well as new electrical, elevator and air-handling systems.
In addition, the building's 61st floor will be turned into an indoor-outdoor space with a lounge along with food and beverage offerings.
A second area will include fitness, wellness, and meeting spaces that be located in the building's underground arcade.
The new deal will help Cooper Union bring back its full-tuition scholarship program for students.
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