NYC's Chrysler Building Gets $235M Crown Restoration

The gleaming crown of New York's Chrysler Building will shine again after a new $235 million restoration deal that promises to bring one of Manhattan's most beloved landmarks back to life.

Developer Tishman Speyer has taken over the lease for the nearly 100-year-old skyscraper and plans to polish its iconic Art Deco crown while restoring the entire 77-story facade. The building, which briefly held the title of world's tallest when it opened in 1930, will undergo its first major renovation in decades.

The ambitious project includes upgrading the 61st floor, home to the building's famous eagle gargoyles modeled after 1929 Chrysler car hood ornaments. Visitors will soon enjoy an upscale lounge at this breathtaking height. The developer will also modernize elevators, electrical systems, and air handling throughout the structure.

Motor magnate Walter Chrysler financed the original construction between 1928 and 1930. At 1,046 feet tall, architect William Van Alen's masterpiece claimed the world's tallest building title for less than a year before the Empire State Building surpassed it.

The building sits on land owned by Cooper Union for the Advancement of Science and Art since 1902. The property was gifted to the college by the children of founder Peter Cooper, whose alumni include Thomas Edison.

The Ripple Effect

The restoration's impact reaches far beyond polished steel and Art Deco details. Ground lease payments from Tishman Speyer will fund Cooper Union's plan to restore full-tuition scholarships for all undergraduate students. For decades, the private college offered free education before financial pressures forced it to charge tuition in 2014.

Cooper Union President Steven McLaughlin emphasized what matters most: "The significance of this agreement is ultimately about what it makes possible for generations of Cooper Union students." Hundreds of future engineers, artists, and architects will receive free world-class education thanks to this deal.

The renovation addresses a critical need in the Grand Central area, which has one of Manhattan's lowest office availability rates. New office construction has been virtually nonexistent in the neighborhood for decades, making the Chrysler Building's 61 floors of modernized workspace a welcome addition.

A landmark gets new life while talented students get their dreams funded.