page_title: Chrysler Building
section_title: Later history
hierarchical_section_title: Chrysler Building / History / Later history
caption_attribution_description: English: Tallest buildings in New York City, by pinnacle height, including all structures whether architectural or not.
context_page_description: The Chrysler Building is an Art Deco–style skyscraper located in the Turtle Bay neighborhood on the East Side of Manhattan, New York City, at the intersection of 42nd Street and Lexington Avenue near Midtown Manhattan. At 1,046 feet, the structure was the world's tallest building for 11 months before it was surpassed by the Empire State Building in 1931. It is the tallest brick building in the world with a steel framework. As of 2019, the Chrysler is the 11th-tallest building in the city, tied with The New York Times Building.
  Originally a project of real estate developer and former New York State Senator William H. Reynolds, the building was constructed by Walter Chrysler, the head of the Chrysler Corporation, and served as the corporation's headquarters from 1930 until the mid-1950s. The Chrysler Building's construction was characterized by a competition with 40 Wall Street and the Empire State Building to become the world's tallest building.
context_section_description: The Chrysler family inherited the property after the death of Walter Chrysler in 1940, with the property being under the ownership of W.P. Chrysler Building Corporation. In 1944, the corporation filed plans to build a 38-story annex to the east of the building, at 666 Third Avenue. In 1949, this was revised to a 32-story annex costing $9 million. The annex building, designed by Reinhard, Hofmeister & Walquist, had a facade similar to that of the original Chrysler Building. The stone for the original building was no longer manufactured, and had to be specially replicated. Construction started on the annex in June 1950, and the first tenants started leasing in June 1951. The building itself was completed by 1952, and a sky bridge connecting the two buildings' seventh floors was built in 1959.
  The family sold the building in 1953 to William Zeckendorf for its assessed price of $18 million. The 1953 deal included the annex and the nearby Graybar Building, which along with the Chrysler Building sold for a combined $52 million. The new owners were Zeckendorf's company Webb and Knapp, who held a 75% interest in the sale, and the Graysler Corporation, who held a 25% stake. At the time, it was reported to be the largest real estate sale in New York City's history. In 1957, the Chrysler Building, its annex, and the Graybar Building were sold for $66 million to Lawrence Wien's realty syndicate, setting a new record for the largest sale in the city. In 1960, the complex was purchased by Sol Goldman and Alex DiLorenzo, who received a mortgage from the Massachusetts Mutual Life Insurance Company. In 1961, the building's stainless steel elements, including the needle, crown, gargoyles, and entrance doors, were polished for the first time. A group of ten workers steam-cleaned the facade below the 30th floor, and manually cleaned the portion of the tower above the 30th floor, for a cost of about $200,000.
  Massachusetts Mutual obtained outright ownership in 1975 after Goldman and DiLorenzo defaulted on the mortgage. The company purchased the building for $35 million. In 1978, they devised plans to renovate the facade, heating, ventilation, air‐conditioning, elevators, lobby murals, and Cloud Club headquarters in a $23 million project. This renovation was completed in 1979. They delegated the leasing of the building's space to the Edward S. Gordon Company, which leased 750,000 square feet (70,000 m²) of vacant space within five years. During Massachusetts Mutual's ownership of the Chrysler Building, the tower received two historic designations. The building was designated as a National Historic Landmark in 1976, and as a New York City Landmark in 1978, although the city only landmarked the lobby and facade. Massachusetts Mutual had opposed the city landmark designation because it "would cause 'inevitable delay' in moving new tenants into the skyscraper". At the time, the building had 500,000 square feet (46,000 m²) of vacant floor space, representing 40% of the total floor area. In September 1979, the building was sold again, this time to entrepreneur and Washington Redskins owner Jack Kent Cooke, in a deal that also transferred ownership of the Los Angeles Kings and Lakers to Jerry Buss.
  The spire underwent a restoration that was completed in 1995. The joints in the now-closed observation deck were polished, and the facade restored, as part of a $1.5 million project. Some damaged steel strips of the needle were replaced and several parts of the gargoyles were re-welded together. The cleaning received the New York Landmarks Conservancy's Lucy G. Moses Preservation Award for 1997. Cooke died in 1997, and creditors moved to foreclose on the estate's unpaid fees soon after. Tishman Speyer Properties and the Travelers Insurance Group bought the Chrysler Center in 1997–1998 for about $220 million (equal to $350 million in 2019) from a consortium of banks and the estate of Jack Kent Cooke. Tishman Speyer Properties had negotiated a 150-year lease from the Cooper Union, and the college continues to own the land under the Chrysler Building. Cooper
caption: Height comparison of buildings in New York City
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