Built in May of 1930, the Chrysler building began as, real estate developer and former New York State Senator, William H. Reynolds’, project. It was eventually constructed by the head of the Chrysler Corporation, Walter Chrysler at 1,046 feet tall. It was at one point, the tallest building in the world for only 11 months until the Empire State Building was erected in 1931.
The building resides at the intersection of 42nd Street and Lexington Avenue in Manhattan, on the East Side of Midtown. The Art Deco- style of the Chrysler building makes it a skyscraper with all the beauty in the design, even though the world’s tallest was taken away in just shy of a year. It now holds the title of eighth tallest building in New York City.
This beautiful New York City landmark has just recently come into the news on future plans of the building. At current, it is primarily used to house business offices. It is also a tourist destination for anyone visiting the city. Tourists are allowed to enter into the lobby area of the building but can go no further since the building is occupied for working spaces.
The building was just recently sold in March 2019 to new owners for $150 billion. The new owners are talking about transforming the building into luxury apartments, and keeping the original Art Deco exterior intact for the fact of it being a National Historic Landmark. Because of this status, the new owner will need to endure a long process of approval in order to make the necessary changes for a new apartment building.
If the new owners decide to move forward with their plans for a hotel, the cost will come in around $150- $250 million for the renovations. The issue is the fact that the building is currently being used for office and storage space, so reconstructing into hotel rooms is going to take some serious time and money.
It is interesting to note that the other bidder on the building, RXR Realty, also had plans to turn a smaller part of it into a hotel. Although at this point, these are just merely thoughts and possibilities discussed for the future of the Chrysler building, so it will be information to follow to find out what will become of this historic New York City landmark in the coming years.