Key facts
- Tishman Speyer and investors will buy the Chrysler Building.
- A $235 million investment is planned for refurbishment.
- The 61st floor will be converted into a dining space with outdoor terrace access.
- The building's facade and stainless steel crown will be restored.
- The ground lease with Cooper Union will continue to be paid.
Tishman Speyer, a US real estate firm, announced on Wednesday that it and other investors are purchasing the iconic Chrysler Building in New York City. The group plans to invest $235 million to refurbish the Art Deco landmark, which has been a symbol of exuberance and modernity since its opening in 1930. The building has faced years of ownership uncertainty.