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  #381  
Old Posted Sep 24, 2018, 11:42 PM
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Originally Posted by chris08876 View Post
This is gonna be big. I have a feeling it'll crack the 1550' mark. Its a lot of development rights, factored that in with class A space accommodated for banking/trading, and your looking at quite high ceiling heights. Along with the amenities that are staples in banking towers, and this will be a biggie. Spire or not is what I'm wondering, but bulk wise, I think at a minimum this will be 1400'. At a minimum.

Just as a reference, Vanderbilt is 1.7 mil-sq ft. Will share similar class A space. IF we are talking 1.8 - 2.4 mil-sq ft, its a very real possibility.

This will be a trophy tower for an elite bank.
A lot of it will come down to slab-to-slab heights...1VB has 14-20 foot floor heights...that’s very, very high.
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  #382  
Old Posted Sep 25, 2018, 2:45 AM
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30 Hudson has 68 actual floors. 15 Penn Plaza (if it ever gets built) also has 68 actual floors. One Vanderbilt has 58 floors and a large crown. The WTC towers all have less floors than advertised. The higher designated floor numbers are due to the extra height of modern office tower slabs relative to older office towers. The same goes into effect for the luxury residential towers. It was stated that this would be between 70 and 75 stories. This building also won't have a (deep) foundation, so extra mechanical space will be above ground. Ultimately, including mechanical space, this tower could approach or top 3 msf.



https://www.globest.com/2018/09/24/j...20180824224724

JPMorgan Chase HQ Files for Development Rights Transfer
The banking giant filed plans to transfer 680,000 square feet of Grand Central Terminal’s air rights.


By Betsy Kim
September 24, 2018


Quote:
JPMorgan Chase took its next step in moving forward with its plans to tear down its office tower at 270 Park to build its new 2.5 million square-foot headquarters, as announced in February. Crain’s reported that on Sept. 6, 2018, the global investment bank and financial services company filed its application to transfer 668,000 square feet of air rights from Grand Central Terminal. The publication noted the Department of City Planning would review the request.

The banking giant plans for the new headquarters to have the capacity to house 15,000 employees. The current Park Avenue tower accommodates 3,500 workers. Demolition and construction are scheduled to begin next year and to take five years. In March, the bank signed a 10-year lease for 436,905 square feet at 390 Madison Ave. where employees will work while construction of the new building is underway.

In March The New York Times had reported that the Grand Central Terminal owners were selling air rights for $240 million. In February 2018, Real Capital Analytics had recorded that for the rumored amount of $210 million JPMorgan Chase was purchasing 700,000 square feet of air rights from the property owners, Argent Ventures, TF Cornerstone and MSD Capital. MSD is a private investment firm that exclusively manages the capital of Michael Dell, the chairman and CEO of Dell Technologies.
The approval of the transfer is all but a done deal, as the headquarters project had been jointly announced by JPMorgan Chase and the City of New York.


We will see a few more of these transfers to get the building up to its intended bulk.


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Last edited by NYguy; Sep 25, 2018 at 2:55 AM.
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  #383  
Old Posted Sep 25, 2018, 3:31 AM
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I think that this will be one of the greatest towers ever built.
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  #384  
Old Posted Sep 25, 2018, 11:42 AM
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With 3 msf, I hope that this tower will be 1575 ft tall and look like to Thompson Center Tower.



http://www.chicagobusiness.com/artic...15-story-tower
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  #385  
Old Posted Sep 25, 2018, 11:54 AM
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That sounds good.
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  #386  
Old Posted Sep 25, 2018, 3:04 PM
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I don't think this tower will top 1,400 ft, unless there's some spire or large crown. I think it will be a tower with the popular open terraces and setbacks. The site is large enough to allow for that. I expect a tower between 1,200 and 1,400 ft. Of course, anything more could be great.
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  #387  
Old Posted Oct 5, 2018, 3:00 AM
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https://archpaper.com/2018/10/st-bar...jpmorganchase/

Historic midtown N.Y.C. church to transfer air rights to JPMorgan




By SYDNEY FRANKLIN
October 3, 2018


Quote:
JPMorgan Chase is one step closer to constructing its new headquarters atop the footprint of the soon-to-be-demolished Union Carbide building in New York City. Since February, the bank has successfully initiated the transfer of development rights from the adjacent Grand Central Terminal and St. Patrick’s Cathedral. On Tuesday, the New York City Landmarks Preservation Commission signaled the third major structure to give over rights in the deal—the 100-year-old St. Bartholomew’s Episcopal Church.

The commission voted unanimously to approve a master plan for the restoration and continued maintenance of the historic church, pending the planned transfer of air rights to JPMorgan. Commissioner Michael Goldblum called the decision a “joyous day” for St. Bart’s and acknowledged the success of the many buildings that have begun a revival process due to the deal, some of which would “never have had the ability to raise adequate funds” for themselves.

The financial giant has agreed to purchase at least 50,000-square-feet of development rights from St. Bart’s for $20.7 million, which the deteriorating church will use to underwrite countless renovation projects on site. At the end of June, The Real Deal reported that the bank is also considering buying 505,000 square feet of additional development rights for seven times the current price.
Quote:
This is all part of JPMorgan’s plan to secure the initial air rights needed to build out its new, 70-story headquarters at 270 Park Avenue.
Quote:
Representatives from the church touted the importance of yesterday’s LPC vote, calling it a transfer that “needs to happen” for the building to continue functioning properly. In addition, the New York Landmarks Conservancy as well as Community Board 5 recommended approval.

“The only break in the skyline as you walk along Park Avenue is St. Barts,” said the church’s building committee chairman Peter Sullivan. “This beautiful building gives the eye a much-needed break amidst all the skyscrapers, but any person will tell you it needs a lot of work to fix.”
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  #388  
Old Posted Oct 5, 2018, 12:43 PM
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I wonder how many square feet this site has now.

I am confident that Jamie D will construct a palatial, iconic landmark!
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  #389  
Old Posted Oct 5, 2018, 1:09 PM
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Originally Posted by JMKeynes View Post
I wonder how many square feet this site has now.

I am confident that Jamie D will construct a palatial, iconic landmark!
Technically it's still the same until CPC certification. The Grand Central air rights should be approved by early November. The other transfers should follow. But so far, with total purchases, they're well above 2 msf. Another 200-300k sf should put them at their planned mark of 2.5 msf.
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  #390  
Old Posted Oct 11, 2018, 2:09 AM
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Still working on the building, even with plans to demolish.


http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=02

Quote:
REMOVAL OF INTERIOR NON BEARING PARTITIONS AND RELATED FINISHES AS PER PLANS FILED
Work on Floor(s): 037 thru 040

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=02

Quote:
REMOVAL OF HVAC SYSTEM & PLUMBING FIXTURES AS PER PLANS FILED HEREWITH.
Work on Floor(s): 037 thru 040

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

Quote:
REMOVAL OF INTERIOR NON BEARING PARTITIONS AND RELATED FINISHES AS PER PLANS FILED
Work on Floor(s): 021 thru 024

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=02

Quote:
REMOVAL OF HVAC SYSTEM & PLUMBING FIXTURES AS PER PLANS FILED
Work on Floor(s): 021 thru 024
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  #391  
Old Posted Oct 11, 2018, 7:14 AM
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^Just what are they doing to the building? Is this the beginning of the end, or something else?
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  #392  
Old Posted Oct 11, 2018, 4:24 PM
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^Just what are they doing to the building? Is this the beginning of the end, or something else?
Im not sure, but they still have to occupy the building until moveouts begin. No real work should begin before then.
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  #393  
Old Posted Oct 11, 2018, 5:21 PM
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Should we expect initial renderings before or after demolition?
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  #394  
Old Posted Oct 11, 2018, 5:24 PM
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Did they select an architectural firm yet?
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  #395  
Old Posted Oct 11, 2018, 7:28 PM
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Should we expect initial renderings before or after demolition?
This still has to go through approvals, even as a formality, a time consuming process, so I expect to see something before demo is complete.


Quote:
A release from the city noted that the new building would move forward only when “the project’s approvals are granted
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Did they select an architectural firm yet?
They're probably going through multiple designs with different firms. We probably won't know until they select one. My guess is on Foster, SOM, KPF. They could surprise and go with a firm like BIG. Not knowing what's gonna rise here puts a huge question mark on the skyline, especially being so close to 1 Vanderbilt.
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  #396  
Old Posted Oct 13, 2018, 5:45 AM
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They should have to show us what we're getting before anything comes down- if we're going to lose one of the better modernist towers on Park Avenue, they should have to prove we're getting a worthy successor.
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  #397  
Old Posted Oct 13, 2018, 11:48 AM
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I don't have a problem with losing this tower on the issue of design (I don't think it is that amazing and a lot of folks who suddenly discovered a passion for mid century design have ulterior motives).

What I do find problematic is that a 700+ foot, 2.4 million square foot tower has no value simply because it is too difficult in this city to build the replacement modern tower JPMorgan needs on another block. This indicates that our current zoning and planning process is very dysfunctional and inefficient, but we already knew that.
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  #398  
Old Posted Oct 13, 2018, 4:11 PM
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What I do find problematic is that a 700+ foot, 2.4 million square foot tower has no value simply because it is too difficult in this city to build the replacement modern tower JPMorgan needs on another block. This indicates that our current zoning and planning process is very dysfunctional and inefficient, but we already knew that.
It's nowhere near that size, it's about 1.5 msf. The tower that replaces it will be around that size, or a little larger. The building could have more value - somewhere else. I don't put buildings ahead of the city, because buildings can come and go, but the city needs to survive.

I don't think many of you are getting the importance of keeping this part of Midtown healthy, but those in charge of such things thankfully and finally do. Talk about landmarking, what they are doing in effect is landmarking this district as the commercial center is has been in the past. That for me, and the city, is more important than trying to save some building just because it's there.

The Hudson Yards is nice, and needed to supplement the city's stock of modern office space, but it has it's limits. And it will never evolve around the type of transportation core that this district has.
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  #399  
Old Posted Oct 16, 2018, 4:36 AM
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https://nypost.com/2018/10/15/midtow...sales-revamps/

Midtown East rezoning sparks flurry of building sales, revamps


By Lois Weiss
October 15, 2018


Quote:
While recent larger leasing and sales transactions have been focused on Manhattan’s West Side, last summer’s Midtown East rezoning has energized owners and tenants.

“Midtown East is finally being recognized as the center of business,” says David Fowler of CBRE. “The rezoning is a catalyst.”

The announcement that JPMorgan Chase is demolishing its headquarters at 270 Park between 47th and 48th streets — to rebuild it larger and higher as allowed under the new zoning rules — gave a big boost to Park Avenue.

Brokers say Vornado Realty Trust and Tishman Speyer are calculating their prospects of rebuilding 350 and 300 Park, respectively, while 250 Park, a building erected in 1924, could also be a makeover candidate.


“You will see a number of [new buildings],” predicts Leslie Himmel of Himmel + Meringoff Properties. “Midtown will look really different, but it will take five, or more likely 10, years to see that.”
Quote:
“If you have an office building, even if it’s worth $800 or $1,000 per foot, you will need at least $175 a foot for rent if you build a new building,” says Jimmy Kuhn of Newmark Knight Frank. “When you tear down a perfectly good office building, you are paying a lot for land. The [owners] will try to get a tenant first.”

For example, SL Green Realty Corp. inked TD Bank as an office anchor before it committed to demolishing the full block at Madison and 42nd Street, opposite Grand Central, to build the now-underway One Vanderbilt.
Quote:
The Waterman/Brookfield relationship with the landowners, the Korein family’s Omnispective, may also provide a path to the landmarked Lever House’s air rights, which Waterman could deploy at his 400 Park across the street. Waterman and the Koreins did not return requests for comment.

“People are saying they are able to buy cheap air rights and there are opportunities to redevelop,” says Josh Zegen of Madison Realty Capital, which both buys and lends to others. “There is very old stock . . . and the JP Morgan announcement is driving others to make decisions.”
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  #400  
Old Posted Oct 16, 2018, 1:43 PM
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https://nypost.com/2018/10/15/new-pr...court-tenants/

By Lois Weiss
October 15, 2018


Quote:
In Midtown, as JPMorgan empties its 270 Park headquarters in preparation for its redevelopment, the financial firm has shifted to new spaces in the neighborhood. “It has leased up and down Park Avenue in a ripple effect,” notes Todd Soloway, an attorney with Pryor Cashman.

These leases and the expectation of the new headquarters have buoyed Midtown, agrees Peter Riguardi of JLL. “Now the service industries are all engaged and active in looking for new space,” he says.

That’s good news for the latest newly developed and redeveloped Midtown buildings that include One Vanderbilt, 425 Park and 550 Madison.
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