NEW YORK | 55 Hudson Yards | 780 FT | 51 FLOORS

[QUEENSNYMAN]

I heard that (34 Street-Hudson Yards) station was pushed back to open sometime in December because of problems with the escalators, is that still true NYguy?

[vkristof]

Originally Posted by QUEENSNYMAN

I heard that (34 Street-Hudson Yards) station was pushed back to open sometime in December because of problems with the escalators, is that still true NYguy?

That project, which had been scheduled to open by the end of this year, will not be completed before February 2015, even on a newly accelerated timeline, an engineering consultant, Darlene Rivera, told board members. If contractors cannot meet the new timeline, the project could drag on until spring 2015.

- NYTimes 6/23/2014

Transit Hub and Work on No. 7 Line Face Delays
By BENJAMIN MUELLERJUNE 23, 2014


http://www.nytimes.com/2014/06/24/ny...lays.html?_r=0

[NYguy]

https://www.facebook.com/photo.php?f...type=3&theater

[NYguy]

[ILNY]

^ Nice, 2015 will be the year when we will see noticeable change in HY area and multiple towers will start construction.

[ILNY]

[Perklol]

http://www.nytimes.com/2014/10/17/ny...ttan.html?_r=0

JPMorgan Chase Seeks Incentives to Build New Headquarters in Manhattan

City and state officials are negotiating with JPMorgan Chase over a potential deal in which the nation’s largest bank would build a vast $6.5 billion corporate campus with two high-rise towers in the new commercial district on the Far West Side of Manhattan.

The talks, which involve one of the largest real estate complexes for a single company in New York City history and a large package of incentives for Chase, have reached a feverish state after nearly falling apart this week.

The negotiations are so delicate that few people are willing to discuss them publicly for fear of alienating one side or another.

But a deal with the bank poses political risks for both the state and the city. Chase had initially sought, by one account, more than $1 billion in concessions from the city and the state while it continues to pare its payroll in the city. According to executives and officials, Chase wants to build the two towers — whose total space would be the equivalent of about two Empire State Buildings — at Hudson Yards on the north side of 33rd Street, between 10th and 11th Avenues. They would become home to 16,000 employees.

...

The bank’s “wish list” of concessions, however, has shrunk significantly in recent days. And the talks have picked up momentum, although a deal is far from assured. State officials are creating a counteroffer.

“There’s no way that the city would entertain a demand for a billion dollars in additional incentives at Hudson Yards,” said Alicia Glen, the deputy mayor for economic development. “We have always been willing to engage with them in a dialogue about how we could be helpful in making a move more feasible.”

...

Chase first approached city and state officials in June with the idea of building on the West Side property. Under the proposal, Chase would build a 62-story tower and a 40-story tower, for a total of nearly four million square feet.

[NYguy]

^ If Chase does in fact take those two towers, it would be a HUGE bonus for the area, which is already on fire. All of the other available office towers get pushed to the front of the line.

The bank’s “wish list” of concessions, however, has shrunk significantly in recent days. And the talks have picked up momentum, although a deal is far from assured. State officials are creating a counteroffer.

A little more...


http://www.nytimes.com/2014/10/17/ny...ttan.html?_r=0

Chase must also come to terms with Related, which owns the two sites where the bank hopes to build. The bank wants to buy the property but it does not necessarily want Related to build its new headquarters. Related recently suggested that Chase build one of the towers and occupy half of the Time Warner building, a plan that the bank is likely to reject.

Chase first approached city and state officials in June with the idea of building on the West Side property. Under the proposal, Chase would build a 62-story tower and a 40-story tower, for a total of nearly four million square feet.

“We don’t have a deal yet,” Related’s chairman, Stephen M. Ross, said on Thursday. “I don’t know if we can make one. A lot depends upon the city and the state.”

As is often the case in these kinds of deals, the bank drew up a lengthy list of possible concessions. Chase wanted to cut the mortgage recording tax, the transfer tax and sales taxes on construction materials. It also sought job-training grants, low-cost power from the state, an underground passageway between the two buildings that would require alterations to the newly built No. 7 subway station and financial help with reinforcing the foundation.

Chase’s current corporate home is spread primarily over two buildings, at 270 Park Avenue and 383 Madison Avenue, which the bank could sell for a premium in the current real estate market. The bank has about 20,000 corporate employees in the city, not including executives and clerks at its 758 branch offices. Another 10,000 employees work upstate in cities like Buffalo and Syracuse.

A year ago, Chase sold Chase Manhattan Plaza, a 60-story building, for $725 million. The tower had been built in the early 1960s by David Rockefeller, then the bank’s chairman, as an expression of its commitment to the financial district.

Chase has been eager to reduce its costs in New York and move technical and operational employees to lower-cost locations in Delaware, New Jersey and elsewhere. In May, the bank announced plans to expand its technology and operations hub in Jersey City by 1,000 jobs after the bank was granted significant tax breaks by New Jersey, which has offered subsidies to companies willing to relocate from New York.

[Perklol]

True. Hopefully they'll build their own HQ here but please don't build a passageway to the subway stop.

It's quite deep to the mezzanine already. Just use those existing entrances

[NYguy]

Originally Posted by Eveningsong

True. Hopefully they'll build their own HQ here but please don't build a passageway to the subway stop.

It's quite deep to the mezzanine already. Just use those existing entrances

I think they're talking about direct connections to the buildings. Related is stating that they'll have it at 30 Hudson, we'll see. But I don't have a problem with direct linkage to the towers themselves, it's not unusual in New York, and would free up elevator/escalator space for everyone else. It's the largest subway stop in the system, and will be very crowded.

But if Chase does in fact take over the sites, we could be looking at yet another redesign.

[ILNY]

Originally Posted by NYguy

^ If Chase does in fact take those two towers, it would be a HUGE bonus for the area, which is already on fire. All of the other available office towers get pushed to the front of the line.

Or 2000ft Hudson Spire gets built and Chase takes all of it making it signature tower...just dreaming.

[NYguy]

Originally Posted by ILNY

Or 2000ft Hudson Spire gets built and Chase takes all of it making it signature tower...just dreaming.

^ They're up next, but even that site doesn't have as much space as Chase apparently wants. In my mind, the only other alternative would be Manhattan West. But it seems that Chase is looking to come in and swoop up the property, then build it's own tower. Maybe Related can let those two sites go, and begin the focus more on the western half of the railyards where it has another large office tower planned. That's not supposed to kick off until the four towers of the first phase are complete, but things seem to be accelerating.

On the other hand, there's tower 2 at the WTC, and maybe some space in towers 3 and 5 that could make up a campus. But that's complicated, because Chase seems to want to own it's tower. The midtown east rezoning is too far off, and doesn't really offer towers with the amount of space Chase is seeking. And you know Jersey is waiting with open arms.

[Submariner]

Originally Posted by NYguy

^ They're up next, but even that site doesn't have as much space as Chase apparently wants. In my mind, the only other alternative would be Manhattan West. But it seems that Chase is looking to come in and swoop up the property, then build it's own tower. Maybe Related can let those two sites go, and begin the focus more on the western half of the railyards where it has another large office tower planned. That's not supposed to kick off until the four towers of the first phase are complete, but things seem to be accelerating.

On the other hand, there's tower 2 at the WTC, and maybe some space in towers 3 and 5 that could make up a campus. But that's complicated, because Chase seems to want to own it's tower. The midtown east rezoning is too far off, and doesn't really offer towers with the amount of space Chase is seeking. And you know Jersey is waiting with open arms.

I'd have a hard time picturing JPM putting it's corporate HQ in Jersey...

[Onn]

That's like HUGE news! JPMorgan Chase is going to add a whole new wing on to Hudson Yard!

[Sky88]

The best solution is that Chase buys the 50 Hudson site and build on a new 100 floor tower with 3 million square feet and 1750ft tall.
It is useless to waste the money on two or more towers.

[Ploppalopp]

I am a bit confused about the Hudson Spire. I know that it is supposed to be only 1.2 million square feet, but what is limiting it to that amount? Cant it be built taller or wider, or both? Also, if Chase were to want to move into 2 WTC, would they have enough room in just that tower? Would they be forced to share it with other tenants? Sorry if some of my questions seem really stupid...i'm not as experienced with this stuff as you guys are.

Originally Posted by NYguy

^ They're up next, but even that site doesn't have as much space as Chase apparently wants. In my mind, the only other alternative would be Manhattan West. But it seems that Chase is looking to come in and swoop up the property, then build it's own tower. Maybe Related can let those two sites go, and begin the focus more on the western half of the railyards where it has another large office tower planned. That's not supposed to kick off until the four towers of the first phase are complete, but things seem to be accelerating.

On the other hand, there's tower 2 at the WTC, and maybe some space in towers 3 and 5 that could make up a campus. But that's complicated, because Chase seems to want to own it's tower. The midtown east rezoning is too far off, and doesn't really offer towers with the amount of space Chase is seeking. And you know Jersey is waiting with open arms.

[NYguy]

Originally Posted by Ploppalopp

I am a bit confused about the Hudson Spire....i'm not as experienced with this stuff as you guys are.

All of those questions and more are answered in their respective threads.

Originally Posted by Submariner

I'd have a hard time picturing JPM putting it's corporate HQ in Jersey...

You probably would.

Originally Posted by Sky88

The best solution is that Chase buys the 50 Hudson site and build on a new 100 floor tower with 3 million square feet and 1750ft tall.
It is useless to waste the money on two or more towers.

That's not the most practical for a variety of reasons. But these sites all have a maximum FAR which limits size. As it is, they have to "purchase' the air rights to get up to even the approved sizes.



• Video Link




http://www.businessweek.com/news/201...c-headquarters

By Henry Goldman, Hugh Son and David M. Levitt
October 17, 2014

The largest U.S. bank wants to build two towers totaling 4 million square feet (372,000 square meters), which would cost about $6 billion, a person with knowledge of the discussions said. The company is in talks with developer Related Cos., New York City and the state for a deal, which could fall apart as the sides negotiate subsidies and costs.

If the deal goes forward as proposed, the bank probably would sell its 1.3 million-square-foot headquarters building at 270 Park Ave. as well as 383 Madison Ave., a tower completed in 2001 as the headquarters of Bear Stearns Cos., which JPMorgan took over when it bought that firm in 2008, the person said.

The bank earlier this year began to review its 11.4 million square feet of New York property holdings, looking at both Hudson Yards and the World Trade Center in lower Manhattan as possible places to consolidate operations, a person briefed on the discussions said in August.

JPMorgan is now focusing most of its attention on two adjacent sites just north of Related’s Hudson Yards development, according to two people with knowledge of the talks. Related controls the land the bank is considering for its towers.

In June, JPMorgan received from the state of New Jersey $22.5 million of annual tax credits for 10 years to create 1,000 jobs and retain about 2,600 others. The bank has offices in Jersey City and has said it intends to expand there.

[chris08876]

Sounds like enough square footage to pretty much fill up WTC2. I would hope that they consider the WTC site over HY. Time to get the best looking tower of the complex rising. With the PATH right there, and the proximity of the other major Wall Street Banks, it would be a good deal.

[Pete8680]

Im not 2 crazy about those black 19th century style street lights. At least the buildings look good so far in the renders.

[NYguy]

Originally Posted by chris08876

Sounds like enough square footage to pretty much fill up WTC2. I would hope that they consider the WTC site over HY.

It was considered. Maybe Silverstein doesn't want to give up that site, and who would blame him?

The bank earlier this year began to review its 11.4 million square feet of New York property holdings, looking at both Hudson Yards and the World Trade Center in lower Manhattan as possible places to consolidate operations...

JPMorgan is now focusing most of its attention on two adjacent sites just north of Related’s Hudson Yards development

http://online.wsj.com/articles/j-p-m...ngs-1413595535


By ELIOT BROWN and LAURA KUSISTO CONNECT
Oct. 17, 2014

Jobs-for-tax-breaks deals typically are intended for employers that are expanding, or at least retaining their existing workforce. But since the economic downturn New York’s big banks have been moving thousands of jobs to places where wages and real estate costs are far lower than Manhattan. That, in turn, has left empty offices and strained a sector that has long been an engine of the city’s economy.

Even with tax incentives, the bank has told government officials the deal would generate more revenue for the city than if no towers were built at the West Side site.

J.P. Morgan’s other options include moving additional jobs out of the city or renovating its existing towers on Park and Madison avenues, people familiar with the discussions said.

.....Mr. Cuomo said on Friday that there were continuing discussions between the bank and the city and state. He declined to elaborate.

Related Cos. owns the site between 10th and 11th avenues north of 33rd Street and is eager to strike a deal with J.P. Morgan or move on and try to build the towers itself for other tenants, people familiar with talks said.