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Chrysler Building Timeline

(1928 - 1930)

The Chrysler Building is an iconic Art Deco skyscraper in Manhattan, New York City. Designed by architect William Van Alen and commissioned by Walter P. Chrysler, it was the world's tallest building for a brief period before being surpassed by the Empire State Building. It remains celebrated for its distinctive terraced crown and stainless steel ornamentation inspired by Chrysler automobiles. Less

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Planning and Design

Site acquisition on Lexington Avenue

1928

A plot of land at the northeast corner of Lexington Avenue and East 42nd Street in Midtown Manhattan was secured for the project. The site was formerly occupied by the old Cornell University New York Hospital buildings.

Image source: Chrysler Building

Site acquisition on Lexington Avenue

William Van Alen selected as architect

1928

William Van Alen, who had previously designed the Reynolds Building prototype, was commissioned by Walter Chrysler to design the tower. Van Alen had once partnered with H. Craig Severance, who would soon become his rival in the race for the world's tallest building.

Image source: William Van Alen

William Van Alen selected as architect

Walter Chrysler commissions a new skyscraper

Sep 1928

Automobile magnate Walter P. Chrysler decided to build a new headquarters for his company in Manhattan, personally financing the project with no loans or mortgages. He hired architect William Van Alen to design what would become one of the most iconic skyscrapers in the world.

Construction

Rivalry with the Bank of Manhattan Trust Building begins

1928

Van Alen's former partner H. Craig Severance announced plans for the Bank of Manhattan Trust Building at 40 Wall Street, intending it to be the tallest building in the world. This sparked one of the most famous skyscraper races in history between the two architects.

Image source: 40 Wall Street

Rivalry with the Bank of Manhattan Trust Building begins

Demolition of existing structures at the site

Oct 1928

Existing buildings on the Lexington Avenue site were demolished to make way for the new skyscraper, clearing the ground for construction of what would become an Art Deco masterpiece.

Secret spire assembled inside the building's shaft

1929

In secret, Van Alen ordered the assembly of a 185-foot stainless steel spire inside the building's fire shaft. The gambit was hidden from competitors and even from the public, allowing the Chrysler Building to dramatically surpass 40 Wall Street.

Bank of Manhattan Trust Building briefly claims tallest title

Apr 1929

Severance's Bank of Manhattan Trust Building was completed with a spire that brought its height to 927 feet, seemingly winning the height race against the Chrysler Building, whose planned height appeared to be less.

Steelwork begins on the Chrysler Building

Sep 10, 1929

The steel framework of the Chrysler Building began rising at a remarkable pace, averaging four floors per week. The rapid construction was aided by mild winter weather and efficient coordination among contractors.

Spire hoisted into place, making the building the world's tallest

Oct 23, 1929

The secret spire was raised into position in just 90 minutes, bringing the Chrysler Building's height to 1,046 feet and making it the tallest building in the world, surpassing both 40 Wall Street and the Eiffel Tower in Paris.

Exterior of the Chrysler Building completed

Nov 1929

The exterior of the building was finished in November 1929, showcasing its distinctive crown of seven radiating terraced arches clad in Nirosta stainless steel, along with eagle-head gargoyles modeled after Chrysler automobile hood ornaments.

Interior work and lobby construction underway

Nov 1929 - May 1930

Following completion of the exterior, workers finished the lavish interiors, including the triangular lobby clad in Moroccan marble with African granite, yellow Sienna marble walls, and a painted ceiling by Edward Trumbull depicting transportation scenes.

Opening and Early Years

Wall Street Crash occurs days after the spire is topped out

Oct 29, 1929

Just six days after the spire was installed, the stock market crashed, plunging the nation into the Great Depression. Despite the economic turmoil, the nearly completed Chrysler Building stood as a symbol of ambition and Art Deco optimism.

Image source: Wall Street Crash of 1929

Wall Street Crash occurs days after the spire is topped out

Great Depression leaves the tower largely vacant

1930 - 1933

Due to the Great Depression, the Chrysler Building struggled with low occupancy in its early years, earning it the nickname 'Chrysler's Folly' as critics doubted whether such a grand structure could ever be filled.

Observatory deck opens to visitors

May 1930

The building featured a public observatory on the 71st floor, offering panoramic views of New York City. It quickly became a popular tourist attraction during the early 1930s before closing during World War II.

Chrysler Building officially opens to the public

May 27, 1930

The Chrysler Building opened on May 27, 1930, after about 20 months of construction. It was the first man-made structure taller than 1,000 feet and became the world's tallest building, a title it would hold until the Empire State Building opened in 1931.

Empire State Building surpasses the Chrysler Building in height

Sep 1930

The Empire State Building, rising just blocks away on Fifth Avenue, overtook the Chrysler Building as the world's tallest structure. The Chrysler Building held the title for only about eleven months.

Image source: Empire State Building

Empire State Building surpasses the Chrysler Building in height

Building becomes profitable despite the Depression

1933

By the mid-1930s, occupancy improved and the Chrysler Building turned a profit, vindicating Walter Chrysler's investment. Its reputation grew as tenants appreciated the prestige of the address at 405 Lexington Avenue.

Ownership and Legacy

Walter Chrysler dies

Aug 18, 1940

Walter P. Chrysler, founder of the Chrysler Corporation and patron of the building bearing his name, died at age 65. His family retained ownership interests in the tower following his death.

Image source: Walter Chrysler

Walter Chrysler dies

Chrysler family sells majority stake to William Zeckendorf group

1957

The Chrysler family sold its majority interest in the building to real estate developer William Zeckendorf's Webb & Knapp, beginning a series of ownership changes for the landmark over subsequent decades.

Image source: William Zeckendorf

Chrysler family sells majority stake to William Zeckendorf group

Massachusetts Mutual Life Insurance Company acquires the building

1960

Massachusetts Mutual Life Insurance Company purchased the Chrysler Building, holding it as a long-term investment and maintaining its operations through the 1960s and 1970s.

Jack Kent Cooke purchases the Chrysler Building

1975

Canadian-American businessman Jack Kent Cooke bought the building for $85 million, but he later defaulted on payments, leading to further changes in ownership.

Image source: Jack Kent Cooke

Jack Kent Cooke purchases the Chrysler Building

Chrysler Building designated a New York City Landmark

Jul 26, 1978

The New York City Landmarks Preservation Commission designated the Chrysler Building an official city landmark, protecting its celebrated Art Deco facade and crown from alteration.

Image source: New York City Landmarks Preservation Commission

Chrysler Building designated a New York City Landmark

Solow family gains control of the building

1979

After Jack Kent Cooke's default, developer Sheldon Solow took control of the Chrysler Building through foreclosure proceedings, later selling a stake to Prudential Insurance.

Image source: Sheldon Solow

Solow family gains control of the building

Chrysler Building added to the National Register of Historic Places

1982

The building was listed on the National Register of Historic Places, formally recognizing its significance as an outstanding example of Art Deco architecture and American engineering achievement.

Image source: National Register of Historic Places

Chrysler Building added to the National Register of Historic Places

Major renovation of the building begins

1995

A comprehensive renovation restored the famous lobby murals and modernized building systems. The project revived Edward Trumbull's ceiling paintings and updated the tower for contemporary office tenants.

Tishman Speyer acquires a stake in the building

1997

Real estate firm Tishman Speyer acquired a controlling interest in the Chrysler Building, investing in upgrades and leasing efforts that helped attract major corporate tenants.

Image source: Tishman Speyer

Tishman Speyer acquires a stake in the building

Tishman Speyer sells stake to TIAA-CREF

2001

Tishman Speyer sold a 75 percent stake in the building to TIAA-CREF (Teachers Insurance and Annuity Association), valuing the property at approximately $300 million.

Image source: TIAA

Tishman Speyer sells stake to TIAA-CREF

Abu Dhabi Investment Council buys 90 percent stake

Jun 2008

The Abu Dhabi Investment Council purchased a 75 percent stake from TIAA-CREF for $800 million, valuing the entire building at around $1 billion, with TIAA retaining 25 percent ownership.

Image source: Abu Dhabi Investment Council

Abu Dhabi Investment Council buys 90 percent stake

Signa Group acquires majority stake in the building

Mar 2019

Austrian investor Signa Holding, led by Rene Benko, purchased a 60 percent controlling stake in the Chrysler Building from the Abu Dhabi Investment Council, valuing the property at approximately $150 million, a fraction of its previous worth.

Ritz-Carlton announces plans for hotel within the tower

2021

Owners announced plans to convert part of the Chrysler Building into a Ritz-Carlton hotel with private residences, marking a significant change in use for the historic office tower amid shifting Manhattan office markets.

Key Facts

  1. The Chrysler Building was designed by architect William Van Alen for automotive magnate Walter P. Chrysler.
  2. Construction began in 1928 and was completed on May 20, 1930, making it briefly the tallest building in the world at 1,046 feet (319 meters).
  3. Its famous spire was secretly assembled inside the building and hoisted into place in a single dramatic maneuver to win the 'Race to the Sky' against the Bank of Manhattan Trust Building.
  4. It held the title of world's tallest building for only about 11 months before being surpassed by the Empire State Building in 1931.
  5. The building features Art Deco details modeled after Chrysler cars, including eagle hood ornaments and hubcap-inspired radiator caps.

Source

This Chrysler Building timeline was generated with the help of AI, using information found on the internet.

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