After more than a year of uncertainty surrounding its fate, New York City’s famed Chrysler Building has a new owner with major renovation plans. Tishman Speyer announced on Wednesday plans to buy the iconic Art Deco skyscraper and restore the office building inside and out. The commercial firm will invest $235 million in the building, plus ground lease payments to The Cooper Union, which has owned the land under the Chrysler Building since 1902. The transaction marks the end of a tumultuous period for the landmark, which was put back on the market in May 2025 for the first time since 2019 after its previous owners fell behind on more than $21 million in rent owed to Cooper Union.
Located between East 42nd and East 43rd Streets, the 1,046-foot-tall tower was designed by architect William Van Alen and completed in 1930. One of the most iconic additions to the New York City skyline, the building was briefly the world’s tallest until the Empire State Building opened the following year.
The land beneath the building is owned by Cooper Union, which took control of it in 1902 when founder Peter Cooper’s children granted the property to the school. Tishman Speyer will pay rent to Cooper Union as part of the 150-year ground lease, which provides a permanent source of financial support for the institution.
“For more than a century, the Chrysler Building has helped sustain Peter Cooper’s vision of opening access to education by removing financial barriers,” Steven W. McLaughlin, president of The Cooper Union, said.
“We have a responsibility to be caretakers of that promise, to build upon it, and to leave Cooper stronger for those who come after us. This agreement is part of an integrated financial plan that gives us the framework to confidently pursue that goal.”
This is not the first time Tishman Speyer was involved with the Chrysler Building. In 1997, the firm with partners purchased the building and several other properties for $220 million, later restoring its many Art Deco fixtures, including an Edward Trumbull mural that decorates the lobby’s ceiling, according to the New York Times.
During the Great Recession in 2008, Tishman Speyer sold much of its investment to an Abu Dhabi investment fund for $800 million. In 2019, Signa and RFR bought the property for $151 million. The discounted price accounted for the very expensive ground lease—$32 million a year—as well as the Art Deco icon’s deteriorated condition, as 6sqft previously reported.
Shortly after the pandemic disrupted office life, Signa filed for insolvency in 2023 and was forced to sell its share of the building. Then, as lease costs continued to rise, RFR’s Aby Rosen attempted to renegotiate the terms, but no deal was reached. Cooper Union alleged that RFR stopped paying rent in June 2024, leading to lease termination and eviction in early 2025.
RFR later sued Cooper Union, arguing that the college’s handling of Israel-Palestine protests organized by students and faculty unsettled the real estate community and drove away tenants. A judge dismissed the case and awarded Cooper Union damages for the unpaid rent.
Conditions at the tower continued to deteriorate, with tenants complaining of rodent infestations, cracked ceilings, broken elevators, and dirty drinking water.
Tishman Speyer, along with PSP Investments and other institutional partners, said it will undertake “an extensive building improvement and hospitality program, which will breathe new life into the 1.3 million-square-foot tower.”
The initiative aims to reposition the Chrysler Building as Manhattan’s “most distinctive new boutique office building.” Tishman Speyer and its partners will use 100 percent equity to finance the ground lease and redevelopment plan.
Notably, the 61st floor, known for its massive eagle gargoyles modeled after the hood ornament on the 1929 Plymouth, will be reserved for an expansive indoor and outdoor amenities program. The floor will feature an upscale lounge with outdoor access and sweeping views, premium food and beverage offerings, and gathering space.
A second amenities suite, located within the building’s underground arcade, will feature fitness, wellness, and meeting spaces.
The tower’s famous facade will also be restored, including a renewal of its distinctive crown. Inside, the mechanical, elevator, electrical, and air-handling systems will be modernized, optimizing the tower for energy efficiency.
To attract new office tenants, Tishman will prebuild suites for 75 percent of the building’s current and future vacancy, with thoughtfully designed spaces ready for occupancy. This approach, which the firm applied at adjacent 6 Grand Central Tower, allows tenants to move in quickly.
In a statement, Tishman Speyer CEO Rob Speyer celebrated the lease agreement as the start of the building’s “next chapter.”
“We are pursuing an ambitious plan for the Chrysler Building at a historically strong moment for the Manhattan office market,” Speyer said. “We are thrilled to lead this beloved building’s next chapter.”
“Just as we have done through new developments like The Spiral and our continuous reinvention of Rockefeller Center, we will create an environment that will make our customers proud and excited to work here every day,” he added.
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