Chrysler Building to get its crown restored after being sold

October 8, 2026

The iconic Chrysler Building in Manhattan has been sold to developer Tishman Speyer, which will invest $235 million to renovate the nearly century-old Art Deco skyscraper. The comprehensive refurbishment will include restoring the building's distinctive crown and 77-story facade, upgrading the 61st floor with eagle gargoyles and a new upscale lounge, and modernizing internal systems throughout. Cooper Union college, which has owned the land since 1902, will receive ground lease payments from the deal to fund full-tuition scholarships for undergraduate students.

Who is affected

Tishman Speyer (developer taking over the lease)
Cooper Union for the Advancement of Science and Art (private college transferring the lease)
Current and future Cooper Union undergraduate students (scholarship beneficiaries)
Future office tenants
Tishman Speyer's partners in the project
Cooper Union president Steven McLaughlin

What action is being taken

Tishman Speyer has taken over the lease from Cooper Union
Tishman Speyer and its partners will invest $235 million in the project
The developer is planning to use most of the building for office space
Tishman Speyer is following a "prebuild approach" for tenant move-ins

Why it matters

The renovation preserves one of Manhattan's most iconic Art Deco landmarks that was briefly the world's tallest building. The deal addresses a significant office space shortage in the Grand Central area, where office availability rates are among Manhattan's lowest and new construction has been virtually nonexistent for decades. The ground lease payments will enable Cooper Union to restore full-tuition scholarships for all undergraduates, making education accessible to future generations of students at the historic institution.

What's next

The renovation will include polishing and restoring the Art Deco crown, restoring the 77-story facade, upgrading the 61st floor with an upscale lounge, and upgrading internal mechanical, elevator, electrical, and air handling systems. Cooper Union wants to use the ground lease payments to finance a plan to restore full-tuition scholarships for all undergraduates.

Read full article from source: BBC