The Chrysler Building, a Manhattan landmark that opened nearly 100 years ago, has been the subject of a significant real estate transaction involving developer Tishman Speyer and the Cooper Union for the Advancement of Science and Art. Tishman Speyer has assumed the lease from the private college, which had held ownership of the land since 1902.
As part of the arrangement, Tishman Speyer and its partners plan to invest $235 million in a comprehensive renovation project. The work will include restoration of the building’s distinctive Art Deco crown and the 77-storey façade. Additionally, the 61st floor will be upgraded and will feature an “upscale” lounge alongside its notable eagle gargoyles. Internal systems including mechanical, elevator, electrical, and air handling infrastructure will also be modernized.
The developer intends to convert most of the building into office space, employing what it describes as a “prebuild approach” to enable companies to occupy their premises quickly. Tishman Speyer cited the area’s notably low office availability rate and the absence of substantial new office construction in the neighborhood for decades as factors supporting the project.
The Chrysler Building, which reaches 1,046 feet in height, was briefly the world’s tallest building before being surpassed less than a year later by the nearby Empire State Building. The structure, financed by automobile magnate Walter Chrysler, began construction in 1928 and was completed two years later. Architect William Van Alen designed the building’s distinctive eagle gargoyles based on hood ornaments from the 1929 Chrysler automobile.
Under the lease agreement, Tishman Speyer will make ground lease payments to Cooper Union, with the college planning to direct the funds toward restoring full-tuition scholarships for all undergraduate students. Cooper Union president Steven McLaughlin emphasized the transaction’s importance for supporting future generations of students.
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