Tishman Speyer Buys Chrysler Building for $235 Million, Plans Major Renovation
Updated
Updated · The New York Times · Oct 7
Tishman Speyer Buys Chrysler Building for $235 Million, Plans Major Renovation
1 articles · Updated · The New York Times · Oct 7
Summary
$235 million will bring the Chrysler Building under Tishman Speyer and other investors, ending more than a year of uncertainty around the Manhattan landmark.
Soaring vacancies and financial trouble at the previous ownership group had fueled criticism that the 1,046-foot Art Deco tower was being neglected.
Tishman Speyer said it will overhaul the building's interiors and infrastructure, including elevators, office space, common areas and the stainless-steel crown.
The 1930 skyscraper, once the world's tallest, is one of New York's best-known office towers, making the renovation a high-profile test for reviving aging Midtown assets.
Can a massive renovation save the iconic Chrysler Building from rising vacancies, or are historic Manhattan office towers fundamentally obsolete today?
With the lobby locked away for years, will Tishman Speyer's $235M renovation finally reopen this hidden Art Deco treasure to the public?