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  #1  
Old Posted Feb 21, 2018, 3:25 PM
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Smile NEW YORK | 270 Park Ave | 1,425 FT | 70 FLOORS | DEMO

Only in New York!

This is why it's called "The City"!

https://therealdeal.com/2018/02/21/j...massive-tower/
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  #2  
Old Posted Feb 21, 2018, 3:27 PM
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Jinx! Can't wait for renderings.
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  #3  
Old Posted Feb 21, 2018, 3:32 PM
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Let's hope it's something that suits that august address.
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  #4  
Old Posted Feb 21, 2018, 4:03 PM
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This is fantastic but it has to be the first case of such a solid quality albeit banal modernist box of this height to be taken down anywhere ever. Crazy
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  #5  
Old Posted Feb 21, 2018, 4:10 PM
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This is definitely not the first development under the Midtown Rast rexoning I expected!

The current 1961 Skidmore, Owings & Merrill tower is handsome enough as is. If the new tower were to be 1,500+ I wouldn’t be surprised, however to tear down a 700 fitter to add just 18 floors is kind of crazy?

Let’s hope the design is A+
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  #6  
Old Posted Feb 21, 2018, 4:15 PM
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This is gonna totally short dick Bear Stearns next door. Strategy?
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  #7  
Old Posted Feb 23, 2018, 9:03 AM
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Originally Posted by Busy Bee View Post
This is gonna totally short dick Bear Stearns next door. Strategy?
Bear Stearns doesn’t exist anymore. It’s JPMorgan and has been for a decade.
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  #8  
Old Posted Feb 23, 2018, 3:46 PM
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Bear Stearns doesn’t exist anymore. It’s JPMorgan and has been for a decade.
I think of it as the Bear Stearns Building, I didn't realize others didn't.
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  #9  
Old Posted Feb 23, 2018, 5:18 PM
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Originally Posted by JSsocal View Post
I'm getting weary of people saying this building isn't functioning, or it's obsolete. That isn't the issue. This is a LEED platinum building, renovated in 2012. It's more functional then just about any pre-war office building- and yet we love all of those.

No the issue is Chase needs much more space then they have and as a bank Chase wants larger trading floors. This building would be perfectly suitable for numerous other tenants as 277 Park across the street demonstrates. But chase, in lieu of moving to another site, will be using land they've already got (makes sense). Jamie Dimon also seems to want a new shiny trophy headquarters (Not unreasonable).

I'll just put you in the crowd that doesn't understand the purpose of the district, and I grow weary of trying ti explain it. Yes, Manhattan island is covered with "functioning" buildings. The old tenements were "functioning", but desirable? No. Chase doesn't have to be in east Midtown, but the city made it possible to stay, in the process keeping it's number one business district viable for the companies at the top who need and look for the best there is to offer in terms of modern office space, with all of the amenities that entails.

And we aren't even going to discuss this part:

Quote:
JPMorgan Chase’s new building will have enough room for about 15,000 employees, compared to the old building’s capacity of just 3,500 employees.
https://www.6sqft.com/new-70-story-j...east-rezoning/
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Old Posted Feb 23, 2018, 7:01 PM
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Quote:
Originally Posted by NYguy View Post
I'll just put you in the crowd that doesn't understand the purpose of the district, and I grow weary of trying ti explain it. Yes, Manhattan island is covered with "functioning" buildings. The old tenements were "functioning", but desirable? No. Chase doesn't have to be in east Midtown, but the city made it possible to stay, in the process keeping it's number one business district viable for the companies at the top who need and look for the best there is to offer in terms of modern office space, with all of the amenities that entails.

And we aren't even going to discuss this part:


https://www.6sqft.com/new-70-story-j...east-rezoning/
You don't need to cherry pick what I wrote- In the next paragraph I write that I agree the new building should not be halted for this. A new 2.5m sf tower is a boon to east midtown. No arguments here.

All I am lamenting is that 270 Park is aesthetically striking, very large, and still quite a functioning office building that many smaller tenants would happily occupy.

And my whole point was that this was an issue of size (Chase needs lots of space and this happens to be the property they own) and not that the building was obsolete. Let's not compare this to this to tenements, this building is plenty desirable.

Here's something key: if this property was owned by a developer and not by a bank that's building it's own headquarters then this building would not happen.

In my opinion the worst offenders in midtown, the ones I would agree with you are 'functioning but undesirable' right now are the early postwar wedding cake buildings that are small, forgettable, and unpleasant to be in. I'm hoping that those will be the buildings that are quashed because to me those are the ones holding back the district.
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  #11  
Old Posted Feb 21, 2018, 4:19 PM
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I would not expect this to be a full tear down. The time frame given is five years, assuming that's correct, this will be some sort of 425 Park Ave situation, where it's a partial demo.

Sort of sad, this is one of the best international style buildings in the city. Somewhat related, the building diagonally across the street is for sale and is from a similar era I expect that to get redveloped soon as well.
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  #12  
Old Posted Feb 21, 2018, 4:55 PM
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I like the current black modernist building. Hopefully they are adding to the existing building rather than tearing it all down.
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  #13  
Old Posted Feb 21, 2018, 4:58 PM
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Worth noting that the building includes a ten-story midrise annex along Madison Avenue that could be torn down, and the existing tower is a pretty flexible Modernist box.

Lots of possibilities to add onto the existing building or reconfigure it (not just stacking more floors on top) to add a ton of SF.
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  #14  
Old Posted Feb 21, 2018, 5:17 PM
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Quote:
Originally Posted by ardecila View Post
Worth noting that the building includes a ten-story midrise annex along Madison Avenue that could be torn down, and the existing tower is a pretty flexible Modernist box.

Lots of possibilities to add onto the existing building or reconfigure it (not just stacking more floors on top) to add a ton of SF.
I bet they do this. Demo the Madison Ave annex, add a huge amount of s/f there, and then do some sort of 425 Park Ave reconfiguration/renovation of the Park Ave side.

It's the only way the five year time table makes sense.
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  #15  
Old Posted Feb 21, 2018, 5:47 PM
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You can't even take a break around here without another supertall tower being planned.

Quote:
"This is our plan for East Midtown in action,” Mayor Bill de Blasio said Tuesday evening. “Good jobs, modern buildings and concrete improvements that will make East Midtown stronger for the tens of thousands of New Yorkers who work there.”

This is geat news, and great planning by the city. Hudson Yards is filling up faster than anticipated, and there are only a handful of developers there to work with. The City could have stood by and watched east Midtown age to irrelevance, but it didn't. And now, not only is it renewing itself, the public will get improvements in the process.
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  #16  
Old Posted Feb 21, 2018, 6:05 PM
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New 70-story JPMorgan Chase tower will be the first project under Midtown East rezoning...



A model of what the future 270 Park Ave building might look like via CityRealty

http://www.6sqft.com/new-70-story-jp...east-rezoning/
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  #17  
Old Posted Feb 21, 2018, 6:47 PM
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Way to start off the rezoning with a bang. This is definitely good publicity for DeBlasio.
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  #18  
Old Posted Feb 21, 2018, 5:05 PM
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700 foot demolition is not an everyday event. Super cool from a logistics and planning
perspective.
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  #19  
Old Posted Feb 21, 2018, 5:15 PM
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Another day, another super tall for the

Greatest City in the World!!!!
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  #20  
Old Posted Feb 21, 2018, 9:02 PM
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https://www.usatoday.com/story/money...nyc/358343002/

Quote:
Redevelopment and construction are scheduled to start in 2019, and take roughly five years to complete, the bank and government officials said. The project is expected to create more than 8,000 construction-related jobs during the building period.

Upon completion, JPMorgan plans to consolidate employees who currently work in other New York City locations with headquarters staffers in the new tower. In all, roughly 15,000 bank employees are expected to be based in the new tower.

https://www.bloomberg.com/news/artic...15-000-workers

The House That Dimon Built: JPMorgan Plans Soaring HQ in Midtown

February 21, 2018

Quote:
JPMorgan announced on Wednesday it will tear down its Park Avenue headquarters and construct a modern tower that will mark a new era for both midtown Manhattan and the lender. The monument to the success of the largest U.S. bank will set in motion a years-long logistical feat that in all likelihood will culminate just about the time that Chief Executive Officer Dimon, 61, hits retirement.

JPMorgan has remained at 270 Park Ave., a glass International-style affair completed in 1961, even as several other big banks have built flashier New York offices in recent years. The details of the design are pending, but one thing is sure: the new building will be bigger than before -- not unlike JPMorgan, which has more than doubled in size under Dimon.

The headquarters will house 15,000 of the bank’s employees and could be between 70 and 75 stories, depending on how wide its footprint is, said a person with knowledge of the company’s plans.
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