WASHINGTON (dpa-AFX) - New York's iconic Chrysler Building is set for a $235 million renovation after developer Tishman Speyer took over the skyscraper's lease from Cooper Union for the Advancement of Science and Art.
The project will restore the building's distinctive Art Deco crown and 77-storey façade while upgrading its interior systems and office spaces.
The refurbishment will include improvements to mechanical, electrical, elevator and air-handling systems. The 61st floor, known for its large eagle gargoyles, will also be upgraded to include an upscale lounge. Tishman Speyer plans to focus primarily on office space, using a prebuilt approach designed to help businesses occupy their premises more quickly.
The developer said the surrounding area has one of Manhattan's lowest office availability rates, with little new office construction in recent decades.
Completed in 1930, the 1,046-foot Chrysler Building briefly held the title of the world's tallest building before being surpassed by the Empire State Building.
Under the agreement, ground lease payments to Cooper Union will support the college's plan to restore full-tuition scholarships for all undergraduate students.
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