, both erected as part of New York City's 1920s building boom In the mid-1920s,
New York's metropolitan area surpassed
London's as the
world's most populous metropolitan area and its population exceeded ten million by the early 1930s. The era was characterized by profound social and technological changes. Consumer goods such as radio, cinema, and the automobile became widespread. The following year, Chrysler was named
Time magazine's "
Person of the Year". Following the end of
World War I, European and American architects came to see simplified design as the epitome of the modern era and
Art Deco skyscrapers as symbolizing progress, innovation, and modernity. The
1916 Zoning Resolution restricted the height that street-side exterior walls of New York City buildings could rise before needing to be
setback from the street. This led to the construction of
Art Deco structures in New York City with significant setbacks, large volumes, and striking silhouettes that were often elaborately decorated. Art Deco buildings were constructed for only a short period of time; but because that period was during the city's late-1920s real estate boom, the numerous skyscrapers built in the Art Deco style predominated in the city skyline, giving it the romantic quality seen in films and plays. The Chrysler Building project was shaped by these circumstances. Reynolds hired the architect
William Van Alen to design a forty-story building there in 1927. Van Alen's original design featured many
Modernist stylistic elements, with glazed, curved windows at the corners. with the
United Nations headquarters in the background Van Alen was respected in his field for his work on the Albemarle Building at Broadway and 24th Street, designing it in collaboration with his partner
H. Craig Severance. Van Alen and Severance complemented each other, with Van Alen being an original, imaginative architect and Severance being a shrewd businessperson who handled the firm's finances. The relationship between them became tense over disagreements on how best to run the firm. The proposal was changed again two weeks later, with official plans for a 63-story building. A little more than a week after that, the plan was changed for the third time, with two additional stories added. By this time, 42nd Street and Lexington Avenue were both hubs for construction activity, due to the removal of the
Third Avenue Elevated's 42nd Street spur, which was seen as a blight on the area. The adjacent 56-story Chanin Building was also under construction. Because of the elevated spur's removal, real estate speculators believed that Lexington Avenue would become the "Broadway of the East Side", causing a
ripple effect that would spur developments farther east. In April 1928, Reynolds signed a 67-year lease for the plot and finalized the details of his ambitious project. Van Alen's original design for the skyscraper called for a base with first-floor showroom windows that would be triple-height, and above would be 12 stories with glass-wrapped corners, to create the impression that the tower was floating in mid-air. Reynolds's main contribution to the building's design was his insistence that it have a metallic crown, despite Van Alen's initial opposition; the metal-and-crystal crown would have looked like "a jeweled sphere" at night. Originally, the skyscraper would have risen , with 67 floors. Van Alen's drawings were unveiled in the following August and published in a magazine run by the
American Institute of Architects (AIA). Reynolds ultimately devised an alternate design for the Reynolds Building, which was published in August 1928. The new design was much more conservative, with an
Italianate dome that a critic compared to Governor
Al Smith's bowler hat, and a brick arrangement on the upper floors that simulated windows in the corners, a detail that remains in the current Chrysler Building. This design almost exactly reflected the shape, setbacks, and the layout of the windows of the current building, but with a different dome. but by late 1928, Reynolds did not have the means to carry on construction.
Chrysler's plans and restart of construction Walter Chrysler offered to buy the building in early October 1928, and Reynolds sold the plot, lease, plans, and architect's services to Chrysler on October 15, 1928, That day, the Goodwin Construction Company began demolition of what had been built. and demolition was completed on November 9. Chrysler's initial plans for the building were similar to Reynolds's, but with the 808-foot building having 68 floors instead of 67. The plans entailed a ground-floor
pedestrian arcade; a facade of stone below the fifth floor and
brick-and-
terracotta above; and a three-story bronze-and-glass "observation dome" at the top. Meanwhile, excavation of the new building's foundation began in mid-November 1928 and was completed in mid-January 1929, when bedrock was reached. A total of of rock and of soil were excavated for the foundation, equal to 63% of the future building's weight. Construction of the building proper began on January 21, 1929. The
Carnegie Steel Company provided the steel beams, the first of which was installed on March 27; and by April 9, the first upright beams had been set into place. The steel structure was "a few floors" high by June 1929, 35 floors high by early August, and completed by September. no workers died during the construction of the skyscraper's steelwork. Chrysler lauded this achievement, saying, "It is the first time that any structure in the world has reached such a height, yet the entire steel construction was accomplished without loss of life". and approximately 3,826,000 bricks were laid to create the non-loadbearing walls of the skyscraper. Walter Chrysler personally financed the construction with his income from his car company. The Chrysler Building's height officially surpassed the Woolworth's on October 16, 1929, thereby becoming the world's tallest structure.
Competition for "world's tallest building" title The same year that the Chrysler Building's construction started, banker
George L. Ohrstrom proposed the construction of a 47-story office building at
40 Wall Street downtown, designed by Van Alen's former partner Severance. Shortly thereafter, Ohrstrom expanded his project to 60 floors, but it was still shorter than the Woolworth and Chrysler buildings. The
Empire State Building, on 34th Street and Fifth Avenue, entered the competition in 1929. The race was defined by at least five other proposals, although only the Empire State Building would survive the
Wall Street Crash of 1929. The "Race into the Sky", as popular media called it at the time, was representative of the country's optimism in the 1920s, which helped fuel the building boom in major cities. Van Alen expanded the Chrysler Building's height to , prompting Severance to increase the height of 40 Wall Street to in April 1929. Construction of 40 Wall Street began that May and was completed twelve months later. Two days later, the Empire State Building's co-developer, former governor Al Smith, announced the updated plans for that skyscraper, with an observation deck on the 86th-floor roof at a height of , higher than the Chrysler's 71st-floor observation deck at .
Completion In January 1930, it was announced that the Chrysler Corporation would maintain satellite offices in the Chrysler Building during Automobile Show Week. The skyscraper was never intended to become the Chrysler Corporation's headquarters, which remained in Detroit. The first leases by outside tenants were announced in April 1930, before the building was officially completed. The building was formally opened on May 27, 1930, in a ceremony that coincided with the 42nd Street Property Owners and Merchants Association's meeting that year. In the lobby of the building, a bronze plaque that read "in recognition of Mr. Chrysler's contribution to civic advancement" was unveiled. Former Governor Smith, former Assemblyman
Martin G. McCue, and 42nd Street Association president
George W. Sweeney were among those in attendance. By June, it was reported that 65% of the available space had been leased. By August, the building was declared complete, but the New York City Department of Construction did not mark it as finished until February 1932. The added height of the spire allowed the Chrysler Building to surpass
40 Wall Street as the tallest building in the world and the Eiffel Tower as the tallest structure. The Chrysler Building was thus the first man-made structure to be taller than and, by extension, the world's first
supertall skyscraper. The tower remained the world's tallest for 11 months after its completion. The Chrysler Building was appraised at $14 million, but was exempt from city taxes per an 1859 law that gave tax exemptions to sites owned by the Cooper Union. The city had attempted to repeal the tax exemption, but Cooper Union had opposed that measure. Because the Chrysler Building retains the tax exemption, it has paid Cooper Union for the use of their land since opening. By contrast, Empire State had only leased 23 percent of its space and was popularly derided as the "Empty State Building".
Use 1940s to 1960s 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, 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. The next year, 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. The Chrysler Building remained profitable until 1974, when the owners faced increasing taxes and fuel costs.
1970s to mid-1990s Foreclosure proceedings against the building began in August 1975, when Goldman and DiLorenzo
defaulted on the $29 million first mortgage and a $15 million second mortgage. The building was about 17 percent vacant at the time. Texaco, one of the building's major tenants, was relocating to
Westchester County, New York, by then, vacating hundreds of thousands of square feet at the Chrysler Building. In early 1978, Mass Mutual devised plans to renovate the facade, heating, ventilation, air-conditioning, elevators, lobby murals, and Cloud Club headquarters for $23 million. At a press conference announcing the renovation, mayor
Ed Koch proclaimed that "the steel eagles and the gargoyles of the Chrysler Building are all shouting the renaissance of New York". After the renovation was announced, the
New York City Landmarks Preservation Commission (LPC) considered designating the Chrysler Building as a city landmark. At the time, the building had of vacant floor space, representing 40% of the total floor area. The LPC designated the lobby and facade as city landmarks in September 1978. Massachusetts Mutual had hired
Josephine Sokolski to renovate the lobby, but the LPC objected that many aspects of Sokolski's planned redesign had deviated too much from Van Alen's original design. As a result of these disputes, the renovation of the lobby was delayed. At the time, the building was 96 percent occupied. The new owners hired Kenneth Kleiman of Descon Interiors to redesign the lobby and elevator cabs in a style that was much closer to Van Alen's original design. Cooke next hired Hoffman Architects to restore the exterior and spire from 1995 to 1996. 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. Cooke died in April 1997, and his mortgage lender
Fuji Bank moved to foreclose on the building the next month. Shortly after Fuji announced its intent to foreclose, several developers and companies announced that they were interested in buying the building. Ultimately, 20 potential buyers submitted bids to buy the Chrysler Building and several adjacent buildings.
Late 1990s to 2010s Tishman Speyer and the
Travelers Insurance Group won the right to buy the building in November 1997, having submitted a bid for about $220 million (equal to $ million in ). Tishman Speyer had negotiated a 150-year lease from the Cooper Union, which continued to own the land under the Chrysler Building. In 1998, Tishman Speyer announced that it had hired
Beyer Blinder Belle to renovate the building and incorporate it into a commercial complex known as the
Chrysler Center. As part of this project,
EverGreene Architectural Arts restored the
Transport and Human Endeavor mural in the lobby, which had been covered up during the late-1970s renovation. The building was 95 percent occupied by 2005. In June 2008, it was reported that the
Abu Dhabi Investment Council was in negotiations to buy TMW's 75 percent ownership stake, Tishman Speyer's 15 percent stake, and a share of the Trylons retail structure next door for US$800 million. The transaction was completed the next month, and the Abu Dhabi Investment Council assumed a 90 percent stake in the building, with Tishman Speyer retaining 10 percent. Tishman continued to manage the building and paid the Cooper Union $7.5 million a year. That March, the media reported that
Aby Rosen's RFR Holding LLC, in a joint venture with the Austrian
Signa Group, had reached an agreement to purchase the leasehold at a steeply discounted $150 million. In exchange, Rosen had to pay the Cooper Union $32.5 million a year, a steep increase from the rate the previous leaseholders had paid. Rosen initially planned to convert the building into a hotel, but he dropped these plans in April 2019, citing difficulties with the ground lease. Rosen then announced plans for an observation deck on the 61st-story setback, which the LPC approved in May 2020. He also wanted to reopen the Cloud Club and attract multiple restaurateurs. and he evicted storeowners from all of the building's shops in an ultimately unsuccessful attempt to renovate the retail space. To attract tenants following the onset of the
COVID-19 pandemic in New York City in 2020, he converted the Chrysler Building's ground-floor space into a tenant amenity center. RFR estimated that it had spent $170 million to renovate the building. By then, according to an anonymous source cited by
Curbed, RFR was losing an estimated $1 million a month from the Chrysler Building's operation. RFR offered to buy Signa's ownership stake for a nominal fee of $1. By mid-2024, the building was aging significantly, and RFR had listed about of the Chrysler Building's office space as being "immediately available for rent". Additionally, it would cost millions of dollars to upgrade the building to meet modern energy-efficiency codes. In its lawsuit, RFR claimed that the Cooper Union had driven away some tenants and had directed other tenants to make rent payments to the college rather than to RFR. Subsequently, the Cooper Union requested that RFR be evicted, and a state judge ordered tenants to pay rent to the Cooper Union that October. RFR's lease was ultimately terminated in January 2025, and the Cooper Union began seeking buyers for the building's ground lease that May.
SL Green and
Jeffrey Gural were among the developers that expressed interest in buying the lease. == Chrysler Center ==