WASHINGTON, D.C. — The iconic Chrysler Building, sold earlier this year to a consortium of real‑estate investors, will undergo a $210 million restoration that includes rebuilding its distinctive stainless‑steel crown and adding 1.5 million square feet of modern office space, officials said on Tuesday.

The deal, valued at roughly $800 million, places the 77‑story Art Deco landmark under the control of Global Horizons Partners, a New York‑based fund that plans to complete the renovation by late 2028. The project is expected to create 2,000 construction jobs and generate an estimated $150 million in annual tax revenue for New York City once the new office towers are occupied.

“Restoring the crown is both a tribute to New York’s architectural heritage and a strategic move to meet rising demand for premium office space,” said Maria Alvarez, senior partner at Global Horizons. “Our investors see a long‑term upside in a building that remains a global symbol of innovation and commerce.”

City officials have approved a streamlined permitting process, citing the building’s cultural significance. The Department of Buildings will monitor compliance with historic preservation standards, while the Federal Aviation Administration confirmed that the crown’s lighting will remain within safety limits for nearby air traffic.

Analysts note that the renovation could boost surrounding property values by up to 12 percent, according to a recent report from the Real Estate Institute. The added office capacity is also expected to alleviate some of the vacancy pressure in Manhattan’s Midtown corridor, which currently sits at 14 percent.

Key Takeaways

• The Chrysler Building’s crown restoration is part of a $210 million renovation plan slated for completion in 2028.
• New office space will add 1.5 million square feet, potentially creating 2,000 construction jobs.
• Investors anticipate long‑term returns as the landmark’s prestige drives demand for premium office locations.

With the project moving forward, the Chrysler Building is poised to remain a centerpiece of New York’s skyline while offering investors a blend of heritage preservation and modern commercial opportunity.