Real Estate
Chrysler Building Will Get $235M Makeover With New Ownership Deal
A firm will invest $235 million, including ground lease payments to Cooper Union, who has owned the land under the building since 1902.
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.
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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.
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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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