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  #161  
Old Posted Oct 28, 2014, 11:52 PM
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"The worst they can say is no" . . . that's the card JPMC is playing. Ultimately, a compromise will be met . . . there's noway the city would allow JPMC to walk.
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  #162  
Old Posted Oct 28, 2014, 11:58 PM
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Redesigns, please.
I really like 50 HY, but supposedly, JPMC wants its own design.
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  #163  
Old Posted Oct 29, 2014, 3:22 AM
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Quote: "As per the NYT, JPMC will stay in its current location."

That's fine by me, as I like the current design. Bring on News Corp!
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  #164  
Old Posted Oct 29, 2014, 7:43 AM
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That's too bad. I guess there was enough backlash, but at best they're staying put.
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  #165  
Old Posted Oct 29, 2014, 12:38 PM
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http://www.nytimes.com/2014/10/29/ny...wers.html?_r=0

JPMorgan Chase Drops Plan to Build 2 West Side Towers

By CHARLES V BAGLI
OCT. 28, 2014


Quote:
The possibility that JPMorgan Chase would build a two-towered, $6.5 billion headquarters on the Far West Side of Manhattan streaked across the skyline in recent weeks, only to die quietly on Tuesday.

Jamie Dimon, chairman of Chase, called Mayor Bill de Blasio and Gov. Andrew M. Cuomo on Tuesday to say that the country’s largest bank had decided to stay put on the East Side.

The bank had created a sensation by exploring a proposal to build a 62-story skyscraper and a second 40-story tower for 16,000 employees on adjoining parcels on the north side of 33rd Street, between 10th and 11th Avenues.

But the proposed building project — one of the largest in New York City history for a single tenant — required the resolution of a number of thorny issues, including the size of a subsidy package for Chase and the purchase of the land from Related Companies.


In the course of negotiations, the bank suggested that thousands of midlevel jobs could leave the city if the deal foundered. The mayor, in turn, publicly scoffed at the idea of handing over $1 billion in tax breaks and cash to Chase, on top of an existing $600 million in property tax breaks.

“This is an outcome that validates our approach, and our belief that these deals often come down to factors that have nothing to do with taxpayer subsidies,” Alicia Glen, deputy mayor for economic development, said in a statement on Tuesday. “We’re glad that JPMorgan has decided to maintain its buildings and its work force right where they are for the foreseeable future.”

Ultimately, Chase was unable to strike a deal with Related for the two parcels, known as 50 and 55 Hudson Yards. Related set an Oct. 15 deadline during weeks of negotiations. Rather than wait, Related struck a deal to sell a major stake in 55 Hudson Yards to a Japanese company.

Related suggested that the bank build one tower and occupy half of a second skyscraper that Related is building nearby for Time Warner.

But Chase began reviewing all of its alternatives, including a move downtown. In the end, the bank decided it would remain at the two buildings it owns in Midtown, at 270 Park Avenue and 383 Madison Avenue. Chase also has thousands of employees at the Metrotech complex in Brooklyn.

One executive involved in the talks provided an alternative explanation: He said the bank’s board decided that it would be unwise to move to new towers in light of increased regulatory scrutiny in Washington since the 2008 recession.


Like many financial institutions, Chase has been increasingly cost-conscious, moving technical and administrative employees to Brooklyn, Jersey City and elsewhere.

The bank, one of the city’s largest private employers, has also obtained a total of $324 million in tax breaks from New Jersey, as well as over $100 million from New York to move to Metrotech.

In the latest round of negotiations, Chase had talked to city and state officials about a “wish list” of benefits totaling, according to one account, over $1 billion. Chase said the city would come out ahead, despite any incentives it might provide.

Critics of corporate subsidies worried that the city might be returning to an era of retention deals, which had largely disappeared under Mr. de Blasio’s predecessor, Mayor Michael R. Bloomberg. The Committee for Better Banks, which includes labor unions and some liberal groups, was about to issue a report denouncing subsidies for Chase when the deal collapsed.

“New York has had an amazing run of job growth over the past decade,” said Jonathan Bowles, director of the nonprofit Center for an Urban Future. “I don’t see the need to turn back the clock and start another wave of big companies clamoring for tax breaks.”
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  #166  
Old Posted Oct 29, 2014, 2:05 PM
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Why did they even announce it? I feel like this happens in commercial real estate quite often. They just couldn't work out even a preliminary deal. So much for JP Morgan being a tenant in any major upcoming project.
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  #167  
Old Posted Oct 29, 2014, 2:41 PM
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LOL, drama queens.
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  #168  
Old Posted Oct 29, 2014, 2:51 PM
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The good news is, there is interest from an international firm.
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  #169  
Old Posted Oct 29, 2014, 3:25 PM
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Could be that JPMorgan was just being too greedy in the deal and that the city didn't take the bait.
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  #170  
Old Posted Oct 29, 2014, 5:39 PM
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Since JPM owns its towers on Park and on Mad., it likely will sign a deal to move somewhere else within the next five years.
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  #171  
Old Posted Oct 29, 2014, 9:28 PM
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Why did they even announce it?

More than likely it was going to come out or was leaked. You'll notice no one was really commenting on it, as negotiations weren't complete. And as we now see, Related wasn't up for it.

There are hardly any sites I could think of where a headquarters development of that size can take place in Manhattan. It appears Chase wanted to own its headquarters (like it does now), and develop the buildings specifically to its needs (so no WTC play either). Pretty much all of the proposals in play now are with developers looking to lease space in their towers. Related was able to work out deals with Coach and Time Warner where they will own portions of their towers, and was suggesting Chase take up the remaining space at 30 Hudson, hardly ideal.



http://blogs.wsj.com/metropolis/2014...t-side-towers/

By ELIOT BROWN
October 29, 2014


Quote:
The banking giant on Tuesday notified the city, state and developer Related Cos. that it was scrapping its consideration of a move to build a new, two-tower headquarters on Manhattan’s far West Side, as it considered the array of challenges too great, according to people briefed on the decision.

Among the headwinds: a heightened regulatory environment for banks, the high cost of buying land and building new space, and a public reluctance by city officials to offer incentives, the people said.

The bank had considered the move in recent months as a way to freshen its image and give its employees top-quality space, given that its headquarters at 270 Park Ave. is a 54-year-old building, and the bank doesn’t love its space at 383 Madison Ave., Bear Stearns’ former headquarters.

One benefit of the move that J.P. Morgan had pitched to government officials: It would likely maintain more jobs in New York than if it didn’t get new towers. The bank has been moving jobs out of state to lower cost locations like Delaware for years, a process it expects to continue.
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Last edited by NYguy; Oct 29, 2014 at 10:20 PM.
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  #172  
Old Posted Nov 3, 2014, 11:08 PM
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Samsung Eyes Major NYC Expansion

The Electronics Giant Has Reached Out to Landlords about Taking Up to 1 Million Square Feet of Office Space
http://online.wsj.com/articles/samsu...ion-1415044241


Quote:
....Technology giant Samsung Electronics Co. is eyeing the creation of a large Manhattan-based office in what would be one of the largest corporate expansions in New York City in years, according to multiple real estate executives familiar with the search.

The South Korean company—which already has U.S. offices in New Jersey and in Silicon Valley, among other locations– recently reached out to New York landlords and developers requesting information about taking up to 1 million square feet of Manhattan office space in a new or existing tower, the executives said. Offices of that size generally hold between 5,000 and 7,000 employees.

The company’s real estate advisors at Cushman & Wakefield Inc. have talked to developers about planned towers at sites including Related Cos.’ Hudson Yards project on the far West Side of Manhattan and the World Trade Center, the executives familiar with the search said. The company is looking to own – not lease—a request that could limit the number of potential sites given that many landlords are primarily interested in leasing.

The space hunt appears in its early stages, and details of the search – such as whether the sprawling is considering other sites outside of Manhattan or whether the operation in New Jersey would move—were unclear. Also, the company has shown signs recently that growth is slowing and profits are falling, partly due to increased competition in the smartphone market.

A Samsung spokesman declined to comment on the search, but said that “dramatic growth in the U.S.” has led to expanded operations in the country. “We will continue to evaluate the size, location, and structure of our organization to support the needs of our growing customer base,” the spokesman said.

The potential move offers a glimpse of the changing New York City economy. The long-dominant big banks have been shrinking their presence, cutting employees and vacating offices throughout Midtown and Financial District.

At the same time, technology, media and advertising companies are filling the void, led by large companies like Google Inc., Amazon.com Inc. and WPP ’s GroupM, a digital advertising firm that is slated to occupy offices initially designed as bank trading floors in 3 World Trade Center.

Up until now, Samsung hasn’t had a large presence in the city. The company’s U.S. headquarters is in Ridgefield Park, N.J., a suburb where it occupies more than 230,000 square feet, according to real estate research firm CoStar Group Inc. It has been bulking up its presence in the Bay Area amid the tech boom and is building two new campuses in that region – one focused on new research and development and the other for Samsung’s semiconductor unit.
If Samsung is looking to own and not lease its space, this and 55 Hudson Yards would be the logical contenders. Of all the Developers, Related is the only one who sells their space.

Last edited by NYguy; Nov 4, 2014 at 10:25 PM.
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  #173  
Old Posted Nov 3, 2014, 11:31 PM
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Last edited by Perklol; Nov 4, 2014 at 12:20 AM.
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  #174  
Old Posted Nov 3, 2014, 11:53 PM
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Great news, really great! That's huge for New York! (Samsung also wouldn't happened to be interested in offices at 2,000 feet in Chicago would that?)
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  #175  
Old Posted Nov 4, 2014, 10:31 PM
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Quote:
The South Korean company—which already has U.S. offices in New Jersey and in Silicon Valley, among other locations– recently reached out to New York landlords and developers requesting information about taking up to 1 million square feet of Manhattan office space in a new or existing tower, the executives said. Offices of that size generally hold between 5,000 and 7,000 employees.

The company’s real estate advisors at Cushman & Wakefield Inc. have talked to developers about planned towers at sites including Related Cos.’ Hudson Yards project on the far West Side of Manhattan and the World Trade Center, the executives familiar with the search said. The company is looking to own – not lease—a request that could limit the number of potential sites given that many landlords are primarily interested in leasing.

Yeah, that's pretty much the case with the large office tower proposals, one of the reasons the Chase plan went downhill. There are office towers for sale, but none with that type of vacancy, and those prices are sky high anyway. Related was able to work out deals with Coach and Time Warner, where they will own the portions of the buildings they are in. Maybe Tishman can do something with its site. Who knows, but whichever way it goes, it's only good news for the city.
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  #176  
Old Posted Nov 5, 2014, 2:47 PM
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Just a little more on the Samsung watch...


http://www.northjersey.com/news/busi...site-1.1126376

Samsung N.Y. plans raise questions on Ridgefield Park site

NOVEMBER 4, 2014
BY LINDA MOSS AND HUGH R. MORLEY


Quote:
When Samsung Electronics Co. decided in 2009 to maintain and expand its U.S. headquarters in Ridgefield Park, it was considered a coup for North Jersey's office market. But a report Tuesday that the Korean consumer electronics giant is looking for 1 million square feet of space in Manhattan raised questions about the company's future in Bergen County.

Citing real estate executives, The Wall Street Journal reported that Samsung was searching for up to 1 million square feet of office space in either a new or existing property in Manhattan, and was likely to consider sites at Larry Silverstein's World Trade Center and Related Cos.' Hudson Yards development on the West Side.

amsung declined to comment on The Journal's report, as did the company's landlord in Ridgefield Park, KABR Real Estate Investment Partners LLC., which is based in the village.

"We can say that Samsung has seen dramatic growth in the U.S. that has led to expanded operations for the company in New Jersey, Texas and California in recent years," Samsung said in the same statement it gave to the Journal.

Samsung's statement noted that the company is building a new campus and R&D facilities in California, adding, "as we continue to see American consumers choose Samsung products, we will continue to evaluate the size, location, and structure of our organization to support the needs of our growing customer base."

New Jersey officials declined to comment directly on the report, or whether they have had talks with the company about its plans.

North Jersey has limited sites that could accommodate a demand for 1 million square feet of office space, but one possibility would be pharmaceutical giant Roche's 116-acre former campus, which straddles Nutley and Clifton on Route 3.

Samsung's hunt for space is just in its early stages, according to the Journal. But the news was a jolt to some in North Jersey's commercial real estate community, and to at least one Ridgefield Park official.

....New Jersey officials were encouraged last month when JPMorgan Chase dropped plans to build a two-towered, $6.5 billion headquarters on the West Side of Manhattan, after the city appeared unlikely to grant the size of tax breaks the bank sought.

The size of any break awarded to Samsung by New Jersey would depend on a variety of factors, including where the company planned to put its headquarters, and how many employees would occupy it. In May, for instance, the state awarded JP Morgan Chase a break of $225 million to build a 1-million square-foot office building in Jersey City, to house 2,600 employees already working in the state, and another 1,000 new jobs.

"I think that they [Samsung] see an opportunity to get major tax benefits and long-term facilities on the island of Manhattan," said L. Robert Lieb, president of Mountain Development Corp. in Woodland Park.
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  #177  
Old Posted Jan 23, 2015, 1:46 PM
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It's a small thing, and I'm reaching a bit, but at least in the newer renderings they've stopped showing this "cheese grater" version...look closely.







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  #178  
Old Posted Jan 25, 2015, 12:02 AM
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it looks like it has a wavy skin. correct?
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  #179  
Old Posted Jan 26, 2015, 5:37 PM
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it looks like it has a wavy skin. correct?

Yes. I would love to see a full version of it, even if it's likely temporary. Almost anything is an improvement from that earlier version.
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  #180  
Old Posted Jan 30, 2015, 2:33 AM
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Here, you see what looks like a two-towered development, but Related hasn't selected an architect for the project yet.



http://chelseanow.com/2015/01/progre...-hudson-yards/


January 29, 2015


Quote:
Directly to the north is 50 Hudson Yards, a 2.3 million-square-foot, 62-story commercial tower at the corner of 33rd St. and 10th Ave. reaching 1,068 feet.

Plans for this building have changed, and Related has not yet announced the architect.

Not many other details are known about 50 Hudson Yards, although Related did offer JPMorgan Chase the opportunity to build it, after the company failed to meet their October 15, 2014 deadline for the tower directly west of it. After the city said they wouldn’t give Chase the $1 billion in tax break subsidies it wanted, the company reportedly decided to stay on the East Side




L to R: Michael Samuelian, VP at Related Companies, Erica Maganti, Hudson Yards Creative Director and Dean Shapiro, SVP at Oxford Properties.






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