The first renderings have been revealed for the recently announced renovation of the Chrysler Building, the 77-story Art Deco icon located at 405 Lexington Avenue in Midtown East, Manhattan. Led by Tishman Speyer, who 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 workspace and restore its facade, including the world-famous crown and spire.
The following renderings provide a glimpse of the planned pleasure lounge on the 61st floor, which will provide access to terraces with panoramic views of the horizon. Outdoor spaces will also offer tenants a close-up view of the building’s famous eagle sculptures, inspired by the 1929 Plymouth hood ornament. A second amenity collection, including fitness, wellness and meeting spaces, will be located in the underground arcade.
The next pleasure lounge on the 61st floor of the Chrysler Building. Rendered courtesy of Tishman Speyer.
The next pleasure lounge on the 61st floor of the Chrysler Building. Rendered courtesy of Tishman Speyer.
Additional upgrades will include mechanical, elevator, electrical and air handling systems, and will aim 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 tallest structure in the world 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 of the Chrysler Building dates back to the late 1990s, when it acquired the building with Traveler’s Insurance Group for $220 million. By 2008, however, the company had sold all but 10 percent of its stake while continuing to manage the building. The Cooper Union has owned the land beneath the skyscraper since 1902.
The Public Sector Pensions Investment Board (PSP Investments) was the lead investor in the recent transaction.
The property offers direct access to the 42nd Street – Grand Central Terminal subway station, serving the 4, 5, 6, 7 and Shuttle trains.
The construction schedule and architect for the Chrysler Building renovations have not yet been announced.
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