Anybody even vaguely familiar with the iconic New York skyline will recognise the Art Deco lines of the Chrysler Building, one of the architectural jewels of the city. To date, the furthest tourists are able to see inside is the lobby but that might soon change.
The building has long been the home of businesses, with offices taking up the bulk of the 77 storeys, although there is a dentist office near the top and most the crown of the building is just storage space. Since 2008 it has been owned by the Abu Dhabi Investment Council and Tishman Speyer and was put up for sale in January this year with the deal being completed earlier this month.
Now the new owners have told Bloomberg they are considering turning part of the tower into a hotel. If the plan comes to fruition, it will surely be the most sought-after accommodation in the Big Apple. As one of the tallest buildings in the city, the upper floors offer almost unrivalled views.
Changing the use of the building will pose some problems to the owners as the building is a National Historic Landmark and it’s unlikely any changes can be made to its stunning Art Deco lobby. Renovation costs are estimated at up to US$250 million.
Despite its prestige, older skyscrapers like the Chrysler Building are actually decreasing in popularity as offices as they compete with new-style campuses like Hudson Yards that are jam-packed with amenities like the famous tech hubs of Silicon Valley. With a decrease in rents from tenants but a rise in the costs of maintaining the building, could this be the answer and even the start of a new trend? Perhaps one day you could be booking into the Empire State Building for your weekend break.
