Oscar winner Penélope Cruz glammed up for the Tribeca Film Festival premiere of her film Official Competition in Lower Manhattan on Tuesday.

The Spanish 48-year-old flaunted substantial cleavage while posing on the red carpet outside the BMCC Tribeca Performing Arts Center.

Penélope looked fabulous in a single-sleeved black sparkly Chanel gown with a matching quilted clutch and peep-toe heels selected by stylist Cristina Ehrlich.

Cruz (born Sánchez) has been an official Chanel brand ambassador for several years, but she began working with the luxury French fashion house as far back as 1999.

The 355 action star finished off her dazzling look with a bright red mani-pedi as well as a Chanel diamond choker and a star-spangled bauble on her left ring finger.

Penélope had a freshly-blown out natural mane, and she wore false lashes and a peachy gloss on her pout.

hitting US theaters this Friday - Cruz wigged out with a massive red curly hairpiece in order to better portray avant-garde Palme d'Or-winning director Lola Cuevas.

The Spanish 48-year-old flaunted substantial cleavage while posing on the red carpet outside the BMCC Tribeca Performing Arts Center

Penélope looked fabulous in a single-sleeved black sparkly Chanel gown with a matching quilted clutch and peep-toe heels selected by stylist Cristina Ehrlich

Cruz (born Sánchez) has been an official Chanel brand ambassador for several years, but she began working with the luxury French fashion house as far back as 1999