NEW YORK | 270 Park Ave | 1,389 FT | 57 FLOORS

[Amanita]

^Yeah, 1 Vanderbilt is already under construction, they could move in a LOT faster.

[BoM Trespasser]

TD Bank is the anchor tenant at 1 Vanderbilt. Maybe 2 big banks don't want to share same building. Also JP Morgan wants to consolidate many thousands of employees and I don't think there would be enough space.

[JMKeynes]

Originally Posted by Skyguy_7

Why go through all this trouble when Chase could easily be the anchor tenant at a trophy tower at Hudson yards, WTC, 1 Vanderbilt, etc. Is it THAT prime of a location?

Only in NY. This is a city with unlimited money.

[Zerton]

Originally Posted by Skyguy_7

Why go through all this trouble when Chase could easily be the anchor tenant at a trophy tower at Hudson yards, WTC, 1 Vanderbilt, etc. Is it THAT prime of a location?

They're getting a major tax break because the city wants to revitalize east Midtown. It has older building stock. 1 Vanderbilt is also benefiting from this.

Edit: That's wrong. Rezoning - not tax break.

[Crawford]

Originally Posted by Skyguy_7

Why go through all this trouble when Chase could easily be the anchor tenant at a trophy tower at Hudson yards, WTC, 1 Vanderbilt, etc. Is it THAT prime of a location?

Why go through all the trouble of moving to another neighborhood, forcing like 15,000 employees to have different (often worse) commutes?

1 Vanderbilt is already spoken for, and is not designed for investment banks. The banks have very specific requirements re. trading floors, floorplate size, redundancy, etc.

[Crawford]

Originally Posted by Zerton

They're getting a major tax break because the city wants to revitalize east Midtown. It has older building stock. 1 Vanderbilt is also benefiting from this.

I don't think there's any tax break associated with building in this neighborhood.

I'm fairly certain the opposite is true. To receive zoning approvals you basically have to pay for major transit/infrastructure improvements, like to the tune of hundreds of millions.

[JMKeynes]

Originally Posted by Crawford

I don't think there's any tax break associated with building in this neighborhood.

I'm fairly certain the opposite is true. To receive zoning approvals you basically have to pay for major transit/infrastructure improvements, like to the tune of hundreds of millions.

That’s true.

This is something that could only happen in the financial capital of the world where money is endless.

[Dac150]

Fascinating to read up a little on the deconstruction process … once its gets going I'm sure many who are unaware of what's going on will be very confused. I'm starting to come around on this … it's important that Midtown position itself for the future … to lose JPMC would be a big blow. Park Avenue in particular has already lost / will lose several marquee tenants.

[chris08876]

^^^^

The hope is that the Midtown East rezoning would revitalize the area. Granted the new player in town, Hudson Yards (And its proxy neighborhoods), are quickly becoming a mecca for business, but with the zoning benefits, hopefully the increase in Class-A space, the increase in sq-footage, and a friendlier development stance will invigorate Midtown East.

[NYguy]

Originally Posted by Dac150

Fascinating to read up a little on the deconstruction process … once its gets going I'm sure many who are unaware of what's going on will be very confused. I'm starting to come around on this … it's important that Midtown position itself for the future … to lose JPMC would be a big blow. Park Avenue in particular has already lost / will lose several marquee tenants.

Glad you're coming around to the big picture.



https://www.instagram.com/p/Bfj1GHOl...en-by=aiasnyit

[JMKeynes]

If Mr. Rogers were here, he’d ask: "Boys and girls, can you say 'Greatest city in the world?'"

[Prezrezc]

Indeed...

In what other city in the country are you going to see so much rising all around you that the piecemeal dismantling of a 700' skyscraper will hardly be noticed in any way?

If such had taken place even ten years ago---no...five---it would've garnered national attention.

[NYguy]

^ It'll still get some attention, mainly because we don't see this often. But really not as big a deal in the overall scheme of New York. If a skyscraper comes down in the forest, will anyone notice?




https://www.economist.com/news/unite...t-shifting-its

New York’s gargantuan development is shifting its centre westward
The east side has plans to wrest it back





Mar 8th 2018

THE far west side of Manhattan’s midtown is a hive of activity. Lorries buzz in and out ferrying materials, cranes dot the skyline. Construction workers in hard hats shout instructions at each other and exchange cheerful gibes. Each week the cityscape changes as new high-rises get taller. New Yorkers, who once had little reason to go to the parcel of land called Hudson Yards, are starting to see a new glossy neighbourhood emerge.

For decades this part of Manhattan was not just on the wrong side of the tracks, it was the tracks.

The area stretching from 30th to 41st Street and from 8th to 11th Avenues had been zoned for manufacturing, which has all but disappeared from Manhattan. A failed Olympic bid served as a catalyst for development for Mr Bloomberg, who worried about white-collar jobs migrating to New Jersey. He persuaded the city to pay for an extension of a subway line, the first expansion of the transport system in three decades.

...The result is Hudson Yards, the largest private property development by square footage in America’s history. The 28-acre (11-hectare) site will be complete by 2025. By then, 125,000 people will work, visit or live in Hudson Yards, which includes five office high-rises, eight residential buildings and a retail complex with 100 shops and restaurants. The new district will have more office space than Palo Alto, California. One of the new towers will have an observation deck higher than the Empire State Building. A public school is in the works, as well as 14 acres of public open space.

That means leaving behind thousands of square metres of empty floor space in Midtown East, once the most coveted site for offices and still the city’s most expensive commercial space. More than 300 of the 400 buildings in the district were built before 1961. Their average age is 73.

The 73-block area got a boost last summer when the city council agreed to a re-zoning plan, allowing the development of 6.5m square feet of new office space. After considering moving to Hudson Yards, JPMorgan Chase, America’s biggest bank, announced last month that it had decided to stay on the east side. It intends to demolish its 60-year old home and build a new 70-storey high-rise on Park Avenue. Other plans are sure to follow, but it will take time to build out the area, perhaps as long as two decades.

...Manhattan once had two main business districts, says Keith DeCoster of Savills Studley, a brokerage. Midtown East competed with the city’s financial district for decades. Now, including Hudson Yards and the Flatiron district, it has four.

[Prezrezc]

Originally Posted by NYguy

If a skyscraper comes down in the forest, will anyone notice?

Well, it's sure likely it won't make much of a noise, considering how it'll be deconstructed.

But now that it's basically occluded by taller structures from almost every direction, I kinda doubt anyone will notice that much.

I wonder what this "cocoon" covering described in an earlier posted article will look like.

[NYguy]

It won't go quietly into the night in regards to the would be preservationists, but in a busy city where even taller towers going up don't make much of a stir, in that regard, no.



https://nypost.com/2018/03/13/jpmorg...s-controversy/

JPMorgan’s air rights transaction stirs controversy

By Lois Weiss
March 13, 2018

A large Midtown air-rights transaction that allows JPMorgan Chase to develop a taller and bigger tower on the site of its current 270 Park Ave. headquarters has inadvertently stirred up questions about an investment in these air rights made by a group that includes one of the bank’s largest customers.

The group purchased the investment at a fire-sale price, records show, but sources advised those records are wrong.

JPM is buying the air rights from a partnership that includes tech guru Michael Dell’s private investment firm, MSD Capital, and local real estate developers the Elghanayan family’s TF Cornerstone, and Andrew Penson’s Argent Ventures.

The JPM purchase is about half of a 1.35-million-square- foot swath of air rights owned by the three groups.

Around 2015, sources said Penson exercised a buy-sell agreement, but needed new sophisticated investors who could understand the complexities of owning the land under Grand Central, its tracks and its air rights. In early 2016, a merchant banker brought in the nimble MSD which teamed up with locals TFC.

In July 2016, MSD and TFC bought out Fortress and Lehman — paying, according to records they filed with the city, $63 million, or $48.46 per square foot.....Along with Penson’s 10 percent share, the pricing came to $140 million, about $104 per foot. “The City register did not pick up the entire transaction,” a source said.

At the $104-per-square- foot price, the group will pocket — after a 5 percent fee paid to Grand Central Terminal — roughly $90 million, or about twice its investment in 18 months.

Michael Dell spent much of 2014, 2015 and parts of 2016 working with JPM to finance and complete computer-maker Dell Inc.’s purchase of EMC for $67 billion — with Dell telling employees to “go big or go home, baby.”

Without the incorrect TFC/MSD late transaction filing, Manhattan air rights in 2017 would have averaged $315 per square foot, commercial real estate data services firm Tenantwise found.

“For offices, air rights are now in the low-$300-per-square-foot range,” said M. Myers Mermel, CEO of Tenantwise.

[jackster99]

I've been trying to imagine a design that they might go with here/would look best.

I think something like London's Shard would look amazing.

That's something the New York skyline is missing IMO, a sharp edged knife of glass that cuts the sky at 1200+ feet

[patriotizzy]

Originally Posted by jackster99

I've been trying to imagine a design that they might go with here/would look best.

I think something like London's Shard would look amazing.

That's something the New York skyline is missing IMO, a sharp edged knife of glass that cuts the sky at 1200+ feet

I disagree on what would look best.

I want something akin to Brooklyn's supertall that is near construction. Something with a gothic crown, and a shape that tapers off with many setbacks as it peaks.

Not a fan of buildings of which their whole design element is focused on one angle, or one certain aspect that makes it artistic.

[NYguy]

https://www.bloomberg.com/news/artic...n-a-year-later

For Sale: A $2 Billion Tower From the ’60s

By David M Levitt
March 19, 2018

HNA Group Co. will be hard-pressed to get anything close to the $2.2 billion it paid for a Manhattan office tower during its real estate binge. Last year, the Chinese conglomerate bought 245 Park Ave., a late 1960s-era building that’s home to JPMorgan Chase & Co., paying one of the highest prices ever for a New York office property.

“You’d have to put a ton of money into it,” said Kraut, who estimated the 1.7 million-square-foot (158,000-square-meter) property will require about $850 million in upgrades, like a new lobby and sprinkler system, and another almost $230 million more to renovate spaces for tenants over time. That’s “a lot of risk even for Park Avenue.”

HNA’s 45-story Park Avenue tower, near Grand Central Terminal in Midtown, is home to a collection of high-profile companies such as French bank Societe Generale SA, Major League Baseball and alternative investment firm Angelo Gordon & Co. Its largest tenant, JPMorgan, occupies more than 40 percent of the building, according to data compiled by Bloomberg.

A new owner will have to contend with vacancies of about 13 percent, according to data firm CoStar Group Inc., and tenants leaving for renovated buildings. JPMorgan’s lease expires in 2022. Last month, the bank announced plans to erect a new skyscraper at the site of its current headquarters at 270 Park Ave. The firm could leave 245 Park Ave. and consolidate in the new building, which it plans to complete by 2024. Major League Baseball is leaving behind about 220,000-square feet of space and moving to 1271 Avenue of the Americas, which underwent a $600 million renovation.

“Tenants come and go all the time on Park Avenue,” said Scott Rechler, chief executive officer of RXR Realty LLC, landlord to nearby 237 Park Ave. and the Helmsley Building at 230 Park Ave., a New York City landmark.

HNA’s Park Avenue tower should benefit from ongoing growth and an influx of people to the area. By 2022, SL Green Realty Corp.’s multibillion-dollar project at 1 Vanderbilt will be complete and the effort to bring Long Island Rail Road trains into Grand Central should be done, Rechler said.

[JMKeynes]

245 is the worst building on Park. I'd like to see it get torn down.

[NYguy]

Is it bad when an architecture magazine can't point out the correct tower? This is at least the second time I've seen the building misidentified.



http://www.architectmagazine.com/des...h-a-bad-idea_o

Saving the Big Bland Box Might Not Be Such a Bad Idea







Meanwhile, planning is underway for the new tower...

https://jobs.chase.com/ShowJob/Id/11...tive-Director/