Could be but this is my understanding. In a condo you own the actual air space that your apartment occupies so if it is above leased land it would pose legal issues.
I think that is true?
There was some new legislation banning new condos on leased land. If I recall correctly, I think it was called the No-Can-Do Condo Bill. 
Our Government is now getting a bit too cute with the names of new legislation. Who would have believed that they would now come up with something as whacky as - The Big Beautiful Bill.
Sorry, permit me a bit a levity in the face of all this insanity. 
probably a reflection from 1 Vandy’s lighting or Summit’s flashy “experience”
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https://www.crainsnewyork.com/real-estate/sl-green-interested-acquiring-chrysler-building-ceo-says
SL Green is eyeing the Chrysler Building, the jewel of the Manhattan skyline.
CEO Marc Holliday made clear his interest in acquiring the landmarked tower at a shareholder dinner last week in Le Pavillon, a restaurant inside 1 Vanderbilt Ave., which sits one block west of the Chrysler.
“He said it’s an iconic building and at the right price SL Green would be interested,” said John Kim, a Bank of Montreal real estate analyst who organized the dinner and described the developer’s interest in a note shared with clients.
Kim told Crain’s that the audience of 15 institutional investors had a question about the Chrysler for Holliday: “Why do you want it?”
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If they get it that observation deck is happening for sure. Watch
Why would they do that when they have a huge observatory just 2 blocks away?
The tower should be converted into hotel and residential.
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Agreed. Just imagine what a great architecture firm could do with a penthouse in the crown…
A case for a hotel is especially compelling the net loss in hotel rooms in the Hyatt now vs. when 175 Park’s hotel opens.
Exactly, a penthouse like they did down at the Woolworth. Can keep a third for “botique” commercial spaces but anyone who would try retaining it a pure commercial will only drive the tower further beyond repair.
I don’t think that the hyatt’s upcoming replacement will make change. A hotel in this iconic destination would stand in its own (albeit 175 Park would diminish views… but that matters more for the commercial+residential programs).
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This forum was started with the creation of the idea and proposal of an observation deck at the top of Chrysler…while One Vanderbilt was HEAVILY under construction. I’m not gonna dismiss the concept, especially with SL Green wanting to aquire the property. Sure they have One Vanderbilt, but how could you not want an observation deck up there
Simply because it doesn’t have all-glass curtain walls like OVB does at almost twice the height right next door, and as soon as 175 Park Rises, a whole direction of views will become obstructed and shadows will be cast, what are you gonna be observing there? Even if it’s an iconic building, times are changing (which is just why it’s currently derelict and they’re struggling with leases), people won’t find much to do there.
The nature of the building will prevent it from having any shiny attractions like OVB, 30Rock, etc have installed, too.
Their best case is some sort of penthouse. And below it, some sort of restaurant and/or hotel lobby instead of a proper observatory.
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Whatever it becomes it will be wildly expensive due to the ground lease.
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