NYC’s Iconic Chrysler Building May Become the City’s Coolest Luxury Hotel
by Traveleads | March 21, 2019 | Latest News On The Ground
The Chrysler Building has been an icon of the New York City skyline for more almost 90 years. Currently, visitors can only see inside the lobby or sneak a bird’s eye view from their flight in or out of the city. This may change as the new owners tease about converting part of the building into a hotel.
Currently, the building’s 77 stories contain offices, while the iconic crown — with its stunning view – is used for storage.
The new owners, Aby Rosen’s RFR Holding LLC and Signa Holding GmbH, purchased the Art Deco-inspired skyscraper for $151 million.
If the new owners decide to proceed with plans to turn the Chrysler Building into a hotel, it will mean that guests will have the privilege of accessing one of the most sought-after addresses in New York with unrivalled 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.
Even with renovation challenges, a hotel may be the best way forwards 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 Yard the new Silicon Valley-style campus on the west side.
The losing bidder on the property, RXR Realty, also planned to convert at least some of the Chrysler Building into a hotel.
This all suggests that in the future visitors might be able to truly experience the historic Chrysler Building, not just its lobby.
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