The Chrysler Building is an iconic part of New York City’s skyline, but right now, visitors can only see inside the lobby or sneak a bird's-eye view from their flight in or out of the city. That might change after the building was sold earlier this month.
The new owners, Aby Rosen’s RFR Holding LLC and Signa Holding GmbH, purchased the Art Deco-inspired skyscraper for $151 million and told Bloomberg that they would consider turning the building into a hotel. Currently, the building’s 77 stories contain offices, while the iconic crown — with its stunning views — is used for storage.
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If the new owners move forward with plans to turn the Chrysler Building into a hotel, guests will have access to one of the most sought-after addresses in New York and unrivaled views of the city. However, renovations are estimated to cost between $150 and 250 million and the owners will face restrictions since the 1930 building is a National Historic Landmark.
Lawrence Wolfe, co-head of the lodging capital markets group at Newmark Knight Frank, told Bloomberg in an email that “It’s a magnificent building with uninterrupted views from the high floors but changing use is not without issues.”
Even with renovation challenges, a hotel may be the best option as Bloomberg reports that the tower is currently losing about $20 million a year as rent hovers around $50 per square foot, although that's less than half of what businesses pay for offices at Hudson Yards, the new Silicon Valley-style campus on the west side.
This all suggests that in the future visitors might be able to truly experience the historic Chrysler Building, not just its lobby.