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  #301  
Old Posted Jun 11, 2018, 1:00 PM
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Originally Posted by JMKeynes View Post
Does anyone know if this will include the small, adjacent building on Madison which includes the Chase branch at ground level?
I don't think that the lower tower will be subject to demolition. Only the tallest tower.
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  #302  
Old Posted Jun 11, 2018, 1:19 PM
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I don't think that the lower tower will be subject to demolition. Only the tallest tower.
Why would they preserve half the building footprint, contrary to all news reports, and restricting the future tower footprint?
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  #303  
Old Posted Jun 11, 2018, 1:20 PM
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The whole block is going. The whole reason for doing so is to achieve giant floor plates like you see on the west side. This site is larger then the Spiral or 50HY plots. (Don't be surprised if it turns out just as bulky and boxy either).
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  #304  
Old Posted Jun 11, 2018, 7:14 PM
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Originally Posted by Crawford View Post
Why would they preserve half the building footprint, contrary to all news reports, and restricting the future tower footprint?
I repeat... the lower tower will not be demolished!

From Wikipedia
Redevelopment plans
In 2018, JPMorgan announced they would demolish the current building on site to make way for a newer building that will be 500 feet (150 m) taller than the existing building. Demolition is expected to begin in early 2019, and the new building will be completed in 2024. The replacement 70-story headquarters will be able to fit 15,000 employees, whereas the current building fits 6,000 employees in a space that has a capacity of 3,500. The new headquarters is part of the East Midtown rezoning plan.

As can also be seen from the drawing ...



http://daytoninmanhattan.blogspot.co...-270-park.html
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  #305  
Old Posted Jun 11, 2018, 7:26 PM
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Originally Posted by Sky88 View Post
I repeat... the lower tower will not be demolished!
Um, your posted Wikipedia article states "the entire tower will be demolished" and your posted graphic confirms the same.

Where did you come up with the bizarre idea that they're chopping off half the existing building and replacing with a new tower with tiny footprint? Why would that make any sense?

Also, what is the "lower tower"? There is only one tower. There are different elevations, but one building. The existing 270 Park is a single building.
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  #306  
Old Posted Jun 11, 2018, 8:08 PM
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Where did you come up with the bizarre idea that they're chopping off half the existing building and replacing with a new tower with tiny footprint? Why would that make any sense?
Your question is bizarre. No one cuts half of the existing building.
The 52-story tower will be demolished and in its place there will be a 70/75 story tower.

Quote:
Originally Posted by Crawford View Post
Also, what is the "lower tower"? There is only one tower. There are different elevations, but one building. The existing 270 Park is a single building.
There is a lower tower behind the 52-story tower. (as photos)

10.
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  #307  
Old Posted Jun 11, 2018, 8:18 PM
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Originally Posted by Sky88 View Post
Your question is bizarre. No one cuts half of the existing building.
The 52-story tower will be demolished and in its place there will be a 70/75 story tower.
Thank you. Glad we now agree.

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Originally Posted by Sky88 View Post
There is a lower tower behind the 52-story tower. (as photos)
No, there isn't. There is only one existing tower.

Take a look at the existing building:
https://www.google.com/maps/@40.7556...7i16384!8i8192

It is amazing what people will argue on SSP. I mean, why would Chase chop its existing building up, all to build a skinny tower with tiny floorplates?

Investment banks want huge floorplates. That's the whole point of this redevelopment.
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  #308  
Old Posted Jun 12, 2018, 5:39 AM
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That's not a separate tower, rather it's like a bustle or "tail" attached to the existing tower. I'm making an educated guess here, but right up until the early 60's, building codes required tall buildings to have setbacks. It's how we got buildings like the New Yorker, ESB, or Chrysler. It also explains many mid century buildings too- the Emery Roth and Sons "wedding cake" towers, such as 350 Park Avenue, or 425 Park Avenue. (A Kahn and Jacobs building if we wanna quibble about things)
However, architectural fashion had changed a great deal from the Art Deco era, which lent itself so well to the stepped back towers of the period. Clients wanted sleek, modern towers, and those required setbacks were a problem. So as far as I can tell, the architects found a solution- the law says you had to have setbacks, but it didn't say where you had to put them. So a good many skyscrapers in the late 50's and early 60's were designed so that their towers fronted the avenues, with those legally mandated setbacks positioned to the sides and rear of the building in various creative configurations. This effect served to give the buildings a "tail" of sorts.
Some buildings which did this:
1285 6th Avenue aka UBS Building
399 Park Avenue
1290 6th Avenue (This building might have the biggest tail of the lot, with the most elaborate configuration of setbacks)
1301 6th Avenue
270 Park Avenue
277 Park Avenue

In 270's case, the tail is only really attached by a narrow section, so it's easy to ignore, or mistake for a second building. Others like 1290 and 277 had elaborate tails that wrapped around the main towers and were more visible from the street.

Here's a picture of 277, showing the tail:
(picture from replicabuildings.com)
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  #309  
Old Posted Jun 12, 2018, 7:43 AM
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270 Park Avenue doesn't look a whole lot different than the bland, boxy mid-century turd that replaced the unfortunately demolished Singer Building. In fact, it looks like one of the many dime-a-dozen mid-20th century boxes that went up in NYC in the 50s/60s. Razing it and replacing it with a new supertall gets my seal of approval.
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  #310  
Old Posted Jun 28, 2018, 4:13 PM
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https://therealdeal.com/2018/06/28/j...0-park-avenue/

50K sf of air rights — and maybe 505K more for 270 Park Avenue
Bank agreed to pay $20.7M to St. Bart's


By Kathryn Brenzel
June 28, 2018


Quote:
JPMorgan Chase has agreed to buy 50,000 square feet of air rights from St. Bartholomew’s Church but is leaving the door open to buy up to 505,000 square feet more for $157.8 million.

The bank plans to pay $20.7 million for the initial installment of rights, according to a petition filed in state Supreme Court on Wednesday. JPMorgan has agreed to pay $15.6 million for the rights, as well as $3.1 million for public contributions that are required by recent rezoning legislation. The bank has also agreed to pay up to $2 million in closing and related costs.

As part of the agreement, JPMorgan has the option to eventually buy all but 20,000 square feet of the church’s remaining air rights. The bank has until February 28, 2019, to decide whether to buy more.
Quote:
The initial air rights may be used to build JPMorgan’s new headquarters at 270 Park Avenue, a 70-story tower that is expected to span 2.5 million square feet. The bank is demolishing its current headquarters — formerly known as the Union Carbide Building — to make way for the new project. The petition notes that the bank can use these air rights at the Park Avenue tower or at “another qualifying” site. But if the bank buys additional rights from St. Bart’s, those must be used for the Park Avenue tower, according to the court documents.
Quote:
JPMorgan has also agreed to pay a $3 million fee to hold onto its option to buy additional rights from the church. The fee will count toward its purchase of more air rights if the bank purchases 300,000 square feet or more.

In March, the New York Times reported that JPMorgan agreed to buy 680,000 square feet of air rights from the owners of Grand Central Terminal, as well as 100,000 square feet of air rights from St. Bart’s and possibly more from another religious institution.
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  #311  
Old Posted Jun 28, 2018, 4:53 PM
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If JPMC gets 300k to 500k more sf of air rights, this will be huge!
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  #312  
Old Posted Jun 28, 2018, 5:29 PM
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I wonder what Chase is scheming? I would think they are only building a building large enough to house their employees with some extra room for growth. That might not equate to a tower as tall as some are hoping for, especially on a plot of land as massive as this will be.
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  #313  
Old Posted Jun 28, 2018, 7:13 PM
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Originally Posted by Hudson11 View Post
I wonder what Chase is scheming? I would think they are only building a building large enough to house their employees with some extra room for growth. That might not equate to a tower as tall as some are hoping for, especially on a plot of land as massive as this will be.
The plan is to build a 2.5 msf 70 to 75 story tower. That's the one that will rise to about 1200 ft or more. It may actually end up being a little larger, because they are tearing down the current headquarters to build the larger building. It's not something you can just repeat if you want more space. Bank of America could have used more space at the BofA tower.
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  #314  
Old Posted Jun 28, 2018, 9:08 PM
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Quote:
Originally Posted by JMKeynes View Post
If JPMC gets 300k to 500k more sf of air rights, this will be huge!
I agree. We may have another Vanderbilt in the making. There is some serious potential for this site and all of those rights will make for a monolithic new HQ. This news is somewhat foreshadowing grandiose plans for this property. Rightfully so for a new HQ.
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  #315  
Old Posted Jul 30, 2018, 5:42 PM
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http://www.manhattanexpressnews.nyc/...gan-megatower/

St. Bart’s Air Rights Fuel JPMorgan Megatower





BY SYDNEY PEREIRA
July 12, 2018


Quote:
JPMorgan Chase & Co. is expected to buy 50,000 square feet of development air rights from Midtown’s St. Bartholomew’s Episcopal Church — with the option to purchase another 505,000 square feet.
Quote:
In March, the New York Times reported that Grand Central, another landmarked building, was selling 680,000 square feet of air rights to JPMorgan. The additional air rights from St. Bart’s, and possibly a handful of other religious institutions as reported by the Times, are expected to secure enough development rights to build a 1,200-foot-tall skyscraper. The Times reported the building could cost $4 billion.

Under the terms of the St. Bart’s deal, JPMorgan will spend a total of $20.7 million, which includes $15.6 million for the 50,000 square feet of air rights, $3 million for the option to purchase the 505,000 square feet of additional air rights, and $2 million in closing costs, according to court records.
Quote:
JPMorgan declined to comment for this article, but a source with knowledge of the deal said it’s unlikely the extra 505,000 square feet from St. Bart’s will be purchased. “I think it will be a bit of a longshot that they will end up getting purchased,” that source said.

The source added that the options are being held in reserve in case other planned air rights purchases fall through, explaining that buyers “spread the love in the neighborhood.”


The bank has until Feb. 28, 2019 to make a decision on exercising its option on the additional St. Bart’s air rights.

JPMorgan’s new tower will house around 15,000 employees, roughly four times the number it currently holds, according to the company’s February announcement. Construction is expected to begin next year, pending approvals, and will take around five years to complete.
Quote:
The neighborhood’s city councilmember, Keith Powers, while noting he will examine the air rights transfer in detail, said the new building is an investment in the area’s future. “The JPMorgan proposal is the result of the East Midtown reszoning — a large employer is investing in New York City based on the ability to grow in Midtown,” he said in an email. “It will also result in a significant investment in East Midtown. I will review the proposal carefully and ensure that it meets the needs of the city.”
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  #316  
Old Posted Aug 1, 2018, 1:27 AM
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I hope that this tower is 1,600’ to the roof.
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  #317  
Old Posted Aug 1, 2018, 4:29 AM
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JULY 31, 2018











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  #318  
Old Posted Aug 1, 2018, 12:31 PM
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This site is huge. I see something extremely amazing rising here.
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  #319  
Old Posted Aug 2, 2018, 12:15 AM
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This site is huge. I see something extremely amazing rising here.
The timing looks pretty precarious though. What's the chances they build all this new office space right as the next recession hits in 2020?
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  #320  
Old Posted Aug 2, 2018, 12:38 AM
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The timing looks pretty precarious though. What's the chances they build all this new office space right as the next recession hits in 2020?
Given they own the land, are self-financing, and have ended their other leases, probably close to 100%?

Of course if there's a global calamity all bets are off, for anything, anywhere.
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