The first renderings have been revealed for the recently announced renovation of the Chrysler Building, the 77-story Art Deco icon at 405 Lexington Avenue in Midtown East, Manhattan. Led by Tishman Speyer, which just finalized a $235 million deal to acquire the skyscraper in a joint venture with The Cooper Union, the project will modernize at least 75 percent of the 1.3-million-square-foot structure’s work space and will restore its façade, including the world-famous crown and spire.
The following renderings preview the planned 61st-floor amenity lounge, which will provide access to terraces offering panoramic views of the skyline. The outdoor spaces will also afford tenants an up-close view of the building’s famous eagle sculptures modeled after the 1929 Plymouth hood ornament. A second amenity collection, featuring fitness, wellness, and meeting spaces, will be located in the underground arcade.
The upcoming amenity lounge on the 61st floor of the Chrysler Building. Rendering courtesy of Tishman Speyer.
The upcoming amenity lounge on the 61st floor of the Chrysler Building. Rendering courtesy of Tishman Speyer.
Additional upgrades will address the mechanical, elevator, electrical, and air handling systems, and will seek to improve the energy efficiency of the building’s cooling towers.
The building was designed by William Van Alen for automobile executive Walter P. Chrysler and opened in 1930. At 1,046 feet, it was the first supertall skyscraper and briefly held the title of world’s tallest structure until the completion of the Empire State Building 11 months later.
The Chrysler Building. Photo by Michael Young.
The Chrysler Building. Photo by Michael Young.
The Chrysler Building. Photo by Michael Young.
Tishman Speyer’s ownership in the Chrysler Building dates to the late 1990s, when it acquired the building along with Traveler’s Insurance Group for $220 million. By 2008, however, the company had sold off all but 10 percent of its stake, though it continued to manage the building. The Cooper Union has owned the land beneath the skyscraper since 1902.
Public Sector Pension Investment Board (PSP Investments) served as the lead investor for the recent transaction.
The property offers direct access to the 42nd Street–Grand Central Terminal subway station, servicing the 4, 5, 6, 7, and Shuttle trains.
A construction timeline and architect for the Chrysler Building’s renovations have yet to be announced.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
I am glad to read that there was a settlement with Cooper Union. The building seemed to be in difficulty for a time. I had expected residential conversion here. The lobby is, of course, a masterpiece, but the rest of the interior is just a so-so office building. Many have yearned for a return of the Cloud Club on a high floor.
The Chrysler Building was originally intended to have a “figurative statue” at its summit. Berthold Audsley created a large architectural model of the building for Chrysler officials to examine. They decided on the secretive spire instead. Berthold’s father, George Ashdown Audsley, designed the Bowling Green Offices in a very eclectic style. He was also a noted authority on pipe organs and designed the original Wanamaker Organ in Philadelphia.
The ground lease would have been prohibitive to residential. It is an amazing location, and Tishman is playing it correctly. Turn it into a trophy office. It is a similar playbook to the ESB a while back, though without the fallback on observation deck revenue.
The yearly ground rent to Cooper Union was to keep escalating up to $55 million by 2038. This is why building upkeep fell woefully behind. This new deal is very positive for one of New York’s most important and beautiful buildings.
The Chrysler Building was not built by or for the Chrysler Corporation. It was funded personally by Walter Chrysler as a real estate investment for his family.
An expensive shoeshine..
I hope they’re required to keep that fabulous lobby and those even more fabulous elevators intact.
I’ve never understood how ground leases evolved. They’re a ridiculous risky feature.
When someone has a valuable plot, they may not wish to part with it and would rather lease it out. If you go to a place such as London, residences are generally leased subject to the term remaining on the ground lease—the sooner it expires, the lower the cost. My co-op was built on leased ground, actually a former swamp, as a way of reducing the initial construction cost. Fortunately for us, the lease was at a fixed rate and price and could even be renewed for another 99 years at the same rate. After about 60 years, inflation reduced the purchase cost to something quite affordable, and we purchased the lease. Our attorney mentioned he represented co-ops that did not have such favorable terms and they were very distressed about the prospect of much higher ground rents. Buyers cannot get mortgages when the ground lease is coming due soon.
I’m a 78 year old retired NY trial lawyer. I was in the building for a short period in ’74 just after I had taken the NY Bar exam. The offices were lousy, but the building itself, especially the lobby, was and remains magnificent. It’s “monuments” like these that must be preserved, either as residential rentals, condos, straight office use, or combined use.
The project had a $14M cost overrun from Change Orders that Chrysler approved. Van Alen had a 6% design fee based on the total cost of construction. Chrysler owed Van Alen $840K for Add Services and refused to pay the full balance due. Van Alen sued Chrysler and won a judgment for the full amount. Chrysler paid Van Alen but blackballed him among his industrialist, monied-class friends. Chrysler’s venomous power and the economics of the depression rendered Van Alan’s career opportunities closed for projects like the Chrysler Building. But it only takes one truly great project for one’s name to be immortalized.
WMS
So glad to see a new make over for that classic beauty.
What’s the building in the foreground, right side in the top photo?
I think the Beekman hotel?
That was the original RCA Building before they decamped to Rockefeller Center. It was then taken over by GE. The ornament reflecting electricity worked in both cases. Being on Lexington, it is often overlooked despite being an important Art Deco structure.
Thanks. Wikipedia has a nice description of it with pics of interior and exterior. Gonna have to stop by for a gander.
Renderings are quite ordinary, unfortunately, for such a renowned and special building.
Of course, for every person who gets to sit in that lounge, millions will gaze up at its crown.
That building is the GE Building at Lexington Ave. and E. 51st St. (not to be confused with 30 Rock). It is an Art-Deco masterpiece, itself.
very bland interiors for such a beautiful building