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Old Posted Nov 14, 2019, 2:01 AM
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Smile NEW YORK | 415 Madison Avenue | 605 FT | 40 FLOORS










We talked about this in the 270 thread, and it seems this will be moving forward after all...


https://www.bloombergquint.com/busin...-midtown-tower

JPMorgan’s Headquarters Plan Paves Way for Another Manhattan Tower





Patrick Clark Bookmark
November 14 2019



Quote:
JPMorgan Chase & Co.’s plan to erect a new Manhattan headquarters is clearing the way for the demolition of a nearby office building that would be replaced by a new tower. Rudin Management Co. has approached city officials about a proposal to tear down 415 Madison Ave., a 24-story office building that is located about 500 feet from JPMorgan’s planned headquarters at 270 Park Ave., according to people familiar with the matter who asked not to be named because the matter is private.

Rudin would use development rights acquired from JPMorgan to erect a new building that includes pedestrian access to a planned Long Island Rail Road concourse under Grand Central Terminal, public documents show. “We are excited by the opportunity to reimagine 415 Madison Avenue,” Nicholas Martin, a spokesman for the developer, said in a statement.

“Our proposal reflects the goals of the city’s city’s Midtown East rezoning by producing 21st century office space and improving mass transit.” A representative for JPMorgan declined to comment. The Rudin plan, which would replace a building it opened in 1955, grows out of a pair of initiatives poised to reshape a section of midtown Manhattan in coming years. They include the MTA’s effort to connect commuter trains from Long Island to Grand Central Terminal, as well as a 2017 rezoning that allows for the construction of taller buildings in the area.

JPMorgan said last year it would demolish its existing Park Avenue headquarters and replace it with a state-of-the-art skyscraper, using development rights purchased from nearby St. Bartholomew’s Church. JPMorgan later agreed to fund certain improvements to Grand Central Terminal after city officials called on the firm to shoulder more costs associated with it its expanding footprint in the neighborhood. As part of the Rudin plan, JPMorgan agreed to transfer air rights and pay $35 million to the developer, according to a public document. JPMorgan, which is splitting some construction costs with the MTA, will receive $45 million from the authority to reimburse it for the cash payment and air rights passed to Rudin. The deal is “a substantial step forward” toward improving access to midtown Manhattan for Long Island commuters, said Aaron Donovan, a spokesman for the MTA.
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Old Posted Nov 14, 2019, 2:06 AM
JMKeynes JMKeynes is offline
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That’s great news!

Last edited by JMKeynes; Nov 14, 2019 at 1:38 PM.
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Old Posted Nov 14, 2019, 2:09 AM
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Great news.

Midtown still has too many of these mid-century, midrise dumps. Most of them should be razed and replaced with modern towers.
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Old Posted Nov 14, 2019, 2:11 AM
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From the earlier discussion on this potential new tower, as it related to the new LIRR concourse at Grand Central...














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Old Posted Nov 14, 2019, 2:23 AM
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Old Posted Nov 14, 2019, 5:10 AM
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Does anyone remember how much Sq footage JPMC has left over? Trying to get an idea for how tall they are planning on going.
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Old Posted Nov 14, 2019, 5:23 AM
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Does anyone remember how much Sq footage JPMC has left over? Trying to get an idea for how tall they are planning on going.
I can't recall the exact number at the monent, but it was a decent amount. Still, I wouldn't expect this tower to stand out in terms of height, even if the footprint were expanded a little. But who knows, Tower Fifth seems to be working around that problem. Not that we would get anything near that i height.
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Old Posted Nov 14, 2019, 10:57 AM
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I think that the Bank of China across the street is also poised for redevelopment.

Last edited by JMKeynes; Nov 14, 2019 at 1:39 PM.
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Old Posted Nov 14, 2019, 4:27 PM
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I think that the Bank of China across the street is also poised for redevelopment.
I remember Chase bought that property earlier this year. Not sure what they plan to do with it.
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Old Posted Nov 14, 2019, 4:36 PM
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I remember Chase bought that property earlier this year. Not sure what they plan to do with it.
I recall that it was purchased, but I Did not recall that Chase bought it.
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Old Posted Nov 14, 2019, 5:20 PM
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I recall that it was purchased, but I Did not recall that Chase bought it.

A little more on that...


https://www.google.com/amp/s/thereal...dquarters/amp/

JPMorgan Chase will spend more than $100M for Bank of China’s US headquarters
Bank has already moved into the building at 410 Madison Avenue


TRD STAFF
MAR 20, 2019


Quote:
The bank has already moved into the building, which stands seven stories tall and spans just over 58,000 square feet in Midtown East, according to Commercial Observer.

The site includes 107,500 buildable square feet thanks to the Midtown East rezoning.
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Old Posted Nov 14, 2019, 5:26 PM
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Fantastic.

Chase is assembling a little campus.
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Old Posted Nov 14, 2019, 11:26 PM
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Question

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As part of the Rudin plan, JPMorgan agreed to transfer air rights and pay $35 million to the developer, according to a public document. JPMorgan, which is splitting some construction costs with the MTA, will receive $45 million from the authority to reimburse it for the cash payment and air rights passed to Rudin. The deal is “a substantial step forward” toward improving access to midtown Manhattan for Long Island commuters, said Aaron Donovan, a spokesman for the MTA.
Does anyone understand why the MTA is reimbursing JPMC? Or why JPMC is paying Rudin?
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Old Posted Nov 15, 2019, 2:01 AM
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Does anyone understand why the MTA is reimbursing JPMC? Or why JPMC is paying Rudin?









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Old Posted Nov 20, 2019, 1:02 AM
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NOVEMBER 19, 2019














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Old Posted Feb 4, 2020, 9:59 PM
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https://commercialobserver.com/2020/...or-demolition/

Security Firm Migrates South as 415 Madison Readies for Demolition
Guidepost Solutions signed for 18,224 square feet at Sapir's 260 Madison Avenue. Its current landlord, Rudin Management,
is planning to demolish and redevelop 415 Madison Avenue.



BY SARIKA GANGAR
JANUARY 28, 2020


Quote:
Guidepost Solutions is heading to the Sapir Organization’s 260 Madison Avenue, moving about 10 blocks south amid plans to demolish its current home at 415 Madison Avenue.

...“Guidepost needed to relocate its offices from 415 Madison Avenue due to the ownership’s plan to demolish and redevelop the property,” said CBRE’s David Stockel, who represented the tenant in the deal, in prepared remarks. The firm was drawn to the building’s efficient floor layouts, proximity to major transportation options, and Sapir’s high-end turnkey buildout, he said.

The New York-based company will be relocating its executive and administrative teams to the new office. It plans to make the move in the middle of the year, the first source said.

Guidepost currently occupies about 13,000 square feet on the 11th floor of Rudin Management’s 24-story, 280,000-square-foot 415 Madison in Midtown, according to CoStar Group data.

In November, Bloomberg reported that Rudin Management had approached city officials about tearing down 415 Madison, located between East 48th and East 49th Streets. The firm is looking to build a new tower, with access to the planned extension of the Long Island Rail Road into Grand Central, utilizing development rights acquired from JPMorgan, the report said.
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  #17  
Old Posted Feb 4, 2020, 10:54 PM
JMKeynes JMKeynes is offline
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That’s AWESOME!

I hope that the adjacent PoS (and the turd between them) come down too!! Any new tower would have a really tiny footprint without those adjacent pieces of trash.

As per ACRIS, a mortgage given by 425 Madison Avenue Associates was recorded against the PoS on the north corner in 2012. However, there’s no deed from the prior owner, who’s an individual’s trust, to that entity. Presumably, the trust just changed its name.


Last edited by JMKeynes; Feb 5, 2020 at 12:41 PM.
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Old Posted Feb 5, 2020, 12:25 PM
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Always good to see an old turd face the chopping block.
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Old Posted Feb 5, 2020, 12:38 PM
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Rudin owns the whole block, so I assume this will have a large footprint.

This tower could be enormous.
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Old Posted Feb 5, 2020, 1:26 PM
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Originally Posted by Crawford View Post
Rudin owns the whole block, so I assume this will have a large footprint.

This tower could be enormous.
That's awesome. How do you know that? The last deed on ACRIS is from Jules Cohan to JULES COHAN, AS SOLE TRUSTEE, but on Nov. 19, 2019, a Real Estate Transfer Tax Form was filed which shows that title was transferred from PAM Acquisition to JAB Acquisition, both of which have London addresses.
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