The skyscraper was briefly the world's tallest building
The Chrysler Building, one of the most distinctive high-rises in Manhattan's skyline, will undergo a major renovation as part of a multi-million-dollar sale deal.
The skyscraper, opened in New York nearly 100 years ago, will see its Art Deco crown polished and restored during a refurbishment that will also involve the restoration of the building's 77-storey façade.
Developer Tishman Speyer has taken over the lease from the Cooper Union for the Advancement of Science and Art, a private college.
Tishman Speyer and its partners will invest $235m (£178m) in the project, as part of which it will upgrade the 61st floor, which is home to huge eagle gargoyles and will also feature an "upscale" lounge.