New York’s famed Chrysler Building finally finds a buyer
Real estate firm Tishman Speyer and other investors will inject US$235 million into refurbishing the ageing art deco landmark
A US real estate firm announced on Wednesday it is buying the Chrysler Building and will undertake a vast makeover of the art deco landmark that dominates New York’s skyline.
The Chrysler Building, which was opened in 1930 as a symbol of exuberance and modernity, had faced several years of uncertainty over its ownership.
Tishman Speyer, a commercial landlord, said it and other investors will inject US$235 million into the property to refurbish its ageing interior and exterior.
They will also pay rent to Cooper Union, a New York college that owns the land on which the Chrysler Building stands, as part of a 150-year ground lease.
