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

[JMKeynes]

Originally Posted by BrownTown

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?

JPMC is the crown jewel of the global financial industry. This tower is full speed ahead. The question is whether it will be 1,200' tall or 1,650' tall.

[NYguy]

^ They've only hinted at a tower of around 1,200 ft, 70 to 75 floors. I would stay in that range as far as expectations go. Of course, it could be higher. I wouldn't jump expectations 400 ft.

Originally Posted by BrownTown

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?

Originally Posted by Crawford

Given they own the land, are self-financing, and have ended their other leases, probably close to 100%?

Right. This isn't a speculative office building that will be looking for tenants.

[Zapatan]

Originally Posted by NYguy

^ They've only hinted at a tower of around 1,200 ft, 70 to 75 floors. I would stay in that range as far as expectations go. Of course, it could be higher. I wouldn't jump expectations 400 ft.

Right, ~1,200 would be great, but considering the demolition they're doing for this tower it could be well worth their while to build higher than that.

[pico44]

Originally Posted by NYguy

^ They've only hinted at a tower of around 1,200 ft, 70 to 75 floors. I would stay in that range as far as expectations go. Of course, it could be higher. I wouldn't jump expectations

Yup. Banks don't like flash. They like high quality and huge floor plates. Expect another strachitect monster ala Fosters and BIGs Hudson Yards towers. Both of which are great by the way, just not skyline changing.

[BrownTown]

Originally Posted by JMKeynes

JPMC is the crown jewel of the global financial industry. This tower is full speed ahead. The question is whether it will be 1,200' tall or 1,650' tall.

That's a pretty short memory there if you can't remember that a decade ago they were bleeding tens of thousands of jobs and their CEO was widely expected to be indicted for financial crimes. Regardless of whether they fail themselves or not they're still not going to spend money building a new tower if rents are nosediving all around them due to the economy as a whole falling on hard times. Honestly, we've had it really amazing on this site the last few years with the cheap interest rates and the booming economy, but that's not the norm. There should be an expectation that at some point soon almost all proposed towers will get scrapped or delayed and we'll see several years with almost no new skyscraper construction. This is just how the economy ebbs and flows.

[JMKeynes]

Originally Posted by BrownTown

That's a pretty short memory there if you can't remember that a decade ago they were bleeding tens of thousands of jobs and their CEO was widely expected to be indicted for financial crimes. Regardless of whether they fail themselves or not they're still not going to spend money building a new tower if rents are nosediving all around them due to the economy as a whole falling on hard times. Honestly, we've had it really amazing on this site the last few years with the cheap interest rates and the booming economy, but that's not the norm. There should be an expectation that at some point soon almost all proposed towers will get scrapped or delayed and we'll see several years with almost no new skyscraper construction. This is just how the economy ebbs and flows.

I work in the financial services industry, and JPMC is one of my biggest clients. I know the bank and its finances better than the vast majority of people on this forum. There is no doubt that this is happening. In fact, this may very well become one of the greatest towers built in American history. JPMC is the crown jewel of the world financial system, and this building will be the capital of its empire. If it costs $3b to raze the current tower and build the new one, that’s a drop in the bucket to JPMC.

Due to schadenfreud, many non-New Yorkers probably hope that this tower will not be built, but such dreams will not come to fruition.

[Submariner]

Originally Posted by pico44

Yup. Banks don't like flash. They like high quality and huge floor plates. Expect another strachitect monster ala Fosters and BIGs Hudson Yards towers. Both of which are great by the way, just not skyline changing.

The BoA tower is hardly an invisible box in the skyline...the same could be said for 1VB, whose anchor tenant (TD Bank) is paying a good deal more than they would need to if they went with a more demure office...

[antinimby]

Originally Posted by Submariner

The BoA tower is hardly an invisible box in the skyline...the same could be said for 1VB, whose anchor tenant (TD Bank) is paying a good deal more than they would need to if they went with a more demure office...

Those aren't great examples. They were not developed by the banks themselves. This one however is and we know bankers do not have the best achitectural tastes. They are also by nature, bean counters. Not a great combination.

If you ask Goldman Sachs, they probably think their headquarters downtown is a masterpiece. LOL.

Obviously I am hoping for some architectural marvel (maybe a Ping An?) but I wouldn't be surprised if we get a taller version of 300 Madison or 250 West 55th.

[chris08876]

Originally Posted by JMKeynes

I work in the financial services industry, and JPMC is one of my biggest clients. I know the bank and its finances better than the vast majority of people on this forum. There is no doubt that this is happening. In fact, this may very well become one of the greatest towers built in American history. JPMC is the crown jewel of the world financial system, and this building will be the capital of its empire. If it costs $3b to raze the current tower and build the new one, that’s a drop in the bucket to JPMC.

Due to schadenfreud, many non-New Yorkers probably hope that this tower will not be built, but such dreams will not come to fruition.

I agree. Drop in the bucket. And its on Park Ave which is by no measures cheap, commanding some of the highest property values out there.

I also approve highly of Mr.Dimon. A true master of business and really a role model for a successful career. On a side note, Goldman Sachs and JP Morgan are business leader makers. Hard to get in, as they want the best, but a great learning experience.

[JMKeynes]

Originally Posted by chris08876

I agree. Drop in the bucket. And its on Park Ave which is by no measures cheap, commanding some of the highest property values out there.

I also approve highly of Mr.Dimon. A true master of business and really a role model for a successful career. On a side note, Goldman Sachs and JP Morgan are business leader makers. Hard to get in, as they want the best, but a great learning experience.

I agree about Jaime D. He's the King of the Street. This will be an utter showstopper.

[jsbrook]

Originally Posted by antinimby

Those aren't great examples. They were not developed by the banks themselves. This one however is and we know bankers do not have the best achitectural tastes. They are also by nature, bean counters. Not a great combination.

If you ask Goldman Sachs, they probably think their headquarters downtown is a masterpiece. LOL.

Obviously I am hoping for some architectural marvel (maybe a Ping An?) but I wouldn't be surprised if we get a taller version of 300 Madison or 250 West 55th.

Well, that is a massive over-generalization...And if we are speaking in generalizations as far as "bean counters", there are big differences between investment bankers and traders, which make up a significant portion of JPMorgan, and consumer and wholesale bankers or wealth management professionals. Anyway, JPMorgan is not going to be drafting the plans. They will hire an architectural and design team and ask for a showstopper.

[Barbarossa]

It would be nice if they would move to 2 WTC so we can add some density instead of just replacing existing density but the existing tower is pretty ugly so I shouldn't complain. It's also good they are staying in NYC instead of going to New Jersey or Connecticut.

[JMKeynes]

Originally Posted by Barbarossa

It would be nice if they would move to 2 WTC so we can add some density instead of just replacing existing density but the existing tower is pretty ugly so I shouldn't complain. It's also good they are staying in NYC instead of going to New Jersey or Connecticut.

Major financial institutions would never move their HQ out of NYC. They do move certain fungible jobs, but the top people always stay in NY.

[Crawford]

Originally Posted by BrownTown

That's a pretty short memory there if you can't remember that a decade ago they were bleeding tens of thousands of jobs and their CEO was widely expected to be indicted for financial crimes.

LOL! This is all obviously fabricated nonsense.

Chase fared better than any domestic bank during the financial crisis and Jamie Dimon has never been "widely expected to be indicted for financial crimes". He's probably the most respected name in banking on the planet.

[JMKeynes]

Originally Posted by Crawford

LOL! This is all obviously fabricated nonsense.

Chase fared better than any domestic bank during the financial crisis and Jamie Dimon has never been "widely expected to be indicted for financial crimes". He's probably the most respected name in banking on the planet.

I agree. I spend a lot of time outside of NY for work, and the amount of NY envy is unprecedented. Many non-New Yorkers would prefer for another supertall HQ to not be built here.

[gramsjdg]

I'll be surprised if this isn't at least 1300', and not surprised if it ends up pushing 1500'.

[BrownTown]

Originally Posted by Crawford

LOL! This is all obviously fabricated nonsense.

Chase fared better than any domestic bank during the financial crisis and Jamie Dimon has never been "widely expected to be indicted for financial crimes". He's probably the most respected name in banking on the planet.

Originally Posted by JMKeynes

I agree. I spend a lot of time outside of NY for work, and the amount of NY envy is unprecedented. Many non-New Yorkers would prefer for another supertall HQ to not be built here.

Oh please, the eternal optimism here can be endearing, but it all to often turns to delusion. JPMorgan isn't going to spend billions on a new tower in the middle of a recession. And being, "the most respected name in banking" is about as respectable as being the best porto-john cleaner. Not to mention trying to deny JPMorgan's crimes is silly as they already plead guilty to them. How ridiculous to call it, "envy" that people get mad to see their tax money used to bail billionaires out.

[JMKeynes]

I sense some midwestern New York envy.

[Crawford]

Originally Posted by BrownTown

Oh please, the eternal optimism here can be endearing, but it all to often turns to delusion. JPMorgan isn't going to spend billions on a new tower in the middle of a recession.

Of course they would. They would have no choice, because they have no office space going forward.

Putting aside the fact that there's no recession, or serious prospects for near-term recession, buildings go up all the time during recessions, especially non-speculative user-specific buildings.

I'm gonna have to agree with JMKeynes. Someone is jealous.

[chris08876]

Self financing speaks volumes too. Often lack of financing is the piece of the puzzle that halts projects. The capital is in place for a new HQ. Money isn't really an issue.