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  #661  
Old Posted Dec 8, 2018, 5:41 AM
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I'm gonna catch some shit for this, but I'm with JSsocal on this one- JP Morgan wants to give us less public space than the law requires, and is offering NOTHING in exchange for it. We really don't want to get in the habit of letting developers (especially those with so much money) get away with this, or rewarding it. If they want to reduce the amount of public space they're giving us, they need to give something in return instead of just crying hardship and spilled milk because of their site. They think the original builders there didn't have a really fun time working around that train shed too? But they managed, sucked it up, and managed to put up a building.
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  #662  
Old Posted Dec 8, 2018, 5:44 AM
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I completely agree on what has been said. 7000 square feet of enclosed public space is a better public benefit than even increasing the outdoor public space to 15,000 square feet in this context. Although I like the added height the shorter massing is by far the better approach. The compensation more than makes up for the size reduction. Going off of other recent building designs that public space will likely be amazing.
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  #663  
Old Posted Dec 8, 2018, 5:55 AM
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Yeah, the enclosed space would be much more appealing. There is just much more that can be done in an enclosed space, unlike an open plaza, which would really only be nice on the nice days. The city has it's share of open and enclosed plazas, but many more open than enclosed.





The language in the zoning would change to a larger lot size (of which there really aren't any) of 80,000 sq ft. The worries about it setting some kind of precedent in the area are unfounded.

Also, there are differences between the current building, and the much larger building that will replace it, but this zoning change would be very specific.






The current zoning configuration...







I don't think Chase is asking for anything unreasonable. While the added public space is nice, Midtown East wasn't rezoned just so Manhattan could get one more underutilized outdoor plaza. The primary goal here is to build modern office space in that district, the type that will keep it as one of the primary business districts in the city and the world. The city gains nothing by trying to restrict that. For that reason, the zoning change or alternatives would have been placed in the original rezoning had it been contemplated that a site this large would be developed there. Let's not lose sight of that very important fact. We can agree or disagree about enclosed/open public spaces, but that isn't really what this is about.




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  #664  
Old Posted Dec 11, 2018, 2:17 PM
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https://nypost.com/2018/12/11/new-yo...e-at-cipriani/

New York’s real estate titans celebrate at Cipriani

By Steve Cuozzo
December 11, 2018


Quote:
...it was appropriate that participants in the sale of air rights from Grand Central Terminal across the street to JPMorgan Chase arrived just minutes after the momentous deal — which was announced last February — finally closed last week.

The $240 million purchase speeds up Jamie Dimon’s plan for a new headquarters tower at 270 Park Ave. Several JPMorgan Chase honchos were joined by others from Michael Dell’s MSD Capital and partner TF Cornerstone, which owned 90 percent of the terminal’s air rights.
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  #665  
Old Posted Dec 12, 2018, 6:04 AM
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DECEMBER 11, 2018


A walk around 270 Park, our upcoming deconstruction and construction zone...


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  #666  
Old Posted Dec 12, 2018, 8:16 PM
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Credit: JC_Heights
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  #667  
Old Posted Yesterday, 11:40 PM
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Is this yet another air rights purchase? I can't even keep track any more.

https://therealdeal.com/2018/12/13/j...-for-270-park/
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  #668  
Old Posted Yesterday, 11:52 PM
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Quote:
Originally Posted by JMKeynes View Post
Is this yet another air rights purchase? I can't even keep track any more.

https://therealdeal.com/2018/12/13/j...-for-270-park/


These are the air rights currently being used.


Quote:
The bank bought 666,766 square feet of development rights, 1,234 square feet less than what was expected based on the company’s application to the city in September. JPMorgan paid $208 million to Grand Central’s owners, TF Cornerstone and MSD Capital, according to documents filed on Thursday with the city’s Department of Finance.

Sources familiar with the deal said JPMorgan had the option to buy the additional 1,200-plus square feet of air rights but didn’t need to for its Park Avenue project.

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  #669  
Old Posted Yesterday, 11:53 PM
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Hmm, interesting. Hopefully this is nothing...

Quote:
But construction of the 1,000-plus tall tower may face some logistical challenges. At an MTA board meeting earlier this week, officials revealed that the height of the project may require deeper footings, which could interfere with the East Side Access project, Crain’s reported. It’s unclear if this will impact the scale of JPMorgan’s project.
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  #670  
Old Posted Yesterday, 11:54 PM
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I bet this is the bigger issue for Foster and Chase rather than the amount of public space and floor plate size. I don't know how much of an impact 1400ft vs 1560ft is in terms of the foundations, but I imagine it's not insignificant.

JPMorgan tower could interfere with MTA mega-project

Quote:
JPMorgan Chase's plans to build a soaring new headquarters at 270 Park Ave. have run into the complicated task of working around the transit mega-project being built underneath it.

The proposed spire, which is envisioned to rise over 1,000 feet in height, sits above active train tracks feeding into Grand Central Terminal and, beneath that, the under-construction concourse for East Side Access, an over $11 billion project to build a Long Island Railroad connection under the terminal.

[...]

"The building that they're contemplating building is significantly larger," said Janno Lieber, the chief development officer at the Metropolitan Transportation Authority during the board meeting. "That has consequences in terms of the penetrations that take place through the Grand Central train shed and down to rock."

Lieber said the MTA was working with JPMorgan "very collaboratively to resolve the issues of how to configure that structure and make sure it doesn't impact on our budget and schedule."

"It's not uncomplicated," Lieber said. "Our clear message and understanding with JPMC is that [East Side Access] can't have any budget or schedule impact. So all the work that we're doing is premised on those principals."

Lieber said the bank would reimburse the MTA for any design and consulting expenses incurred in evaluating how to accommodate the new tower.

It was not immediately clear if JPMorgan will have to modify the 72-story, Foster + Partners-designed building by of lopping off some of its upper floors to reduce its floor area. Larger towers generally require deeper footings to anchor them and reducing the project's size could make it easier to build without encroaching on East Side Access.
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  #671  
Old Posted Yesterday, 11:56 PM
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I hope it's a non issue.

It would be such a shame to see this thing scaled back.
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  #672  
Old Posted Today, 12:07 AM
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Quote:
Lieber said the MTA was working with JPMorgan "very collaboratively to resolve the issues of how to configure that structure and make sure it doesn't impact on our budget and schedule."

Lieber said the bank would reimburse the MTA for any design and consulting expenses incurred in evaluating how to accommodate the new tower.

It was not immediately clear if JPMorgan will have to modify the 72-story, Foster + Partners-designed building by of lopping off some of its upper floors to reduce its floor area. Larger towers generally require deeper footings to anchor them and reducing the project's size could make it easier to build without encroaching on East Side Access.

They aren't going to reduce the size of the project. They're all professionals, everyone involved, they know how to get it done.


Quote:
JPMorgan representatives described the complexity of the site, stating that the bank will be forced to use many of the current footings for its existing tower as the foundation for its new spire because the web of train tracks and other infrastructure below ground left little to no room for additional or alternatively-located pilings.
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  #673  
Old Posted Today, 12:23 AM
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Quote:
Originally Posted by NYguy View Post
They aren't going to reduce the size of the project. They're all professionals, everyone involved, they know how to get it done.
I'd hope, it is JP Morgan after all and they spent a ton on air rights.

The article mentions 72 stories, either that's outdate/wrong or these floors will be huge, either that or the crown will be.
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  #674  
Old Posted Today, 1:22 AM
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Originally Posted by Zapatan View Post
I'd hope, it is JP Morgan after all and they spent a ton on air rights.

The article mentions 72 stories, either that's outdate/wrong or these floors will be huge, either that or the crown will be.

70 stories has always been an approximate number of floors. It will be close to that (earlier it was stated it could be 75).



Anyway, about 13 minutes into this clip, you can see the MTA board discussing 270 Park...


Video Link




A look again at the rails beneath...







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  #675  
Old Posted Today, 1:24 AM
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Quote:
Originally Posted by NYguy View Post
70 stories has always been an approximate number of floors. It will be close to that (earlier it was stated it could be 75).
Right, although that was when we were given the 1,200 figure too. Now that it'll be 1,400+ I hope it'll at least crack 80

Not that it really matters that much since floor count is seemingly meaningless these days but still
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  #676  
Old Posted Today, 1:41 AM
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Quote:
Originally Posted by Zapatan View Post
Right, although that was when we were given the 1,200 figure too. Now that it'll be 1,400+ I hope it'll at least crack 80

Not that it really matters that much since floor count is seemingly meaningless these days but still
Well, keep in mind that we're talking official floors. What they ultimately end up calling the floors is something else.





https://www.instagram.com/p/BrS_h-LlRB8/

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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.

Last edited by NYguy; Today at 2:08 AM.
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