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Originally Posted by jackster99
Just occurred to me, where is JP Morgan going to put its 6000 employees that currently occupy 270 Park while the demo/new construction is going on?
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They'll stay in the area.
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https://www.nytimes.com/2018/02/21/n...dquarters.html
Chase is expected to begin demolition of the building at 270 Park early next year, with the new tower set to open five years later. Chase has been quietly negotiating leases at nearby buildings — 237, 245 and 277 Park Avenue, as well as 390 Madison Avenue — for workers in the existing building, according to an executive who has been briefed on the bank’s plan but was not authorized to discuss it publicly.
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Quote:
Originally Posted by PhyllisJerry71
I don’t understand the eagerness for this tower to come down. Yeah, it’s a box, but it’s a damn nice box—there are a pretty decent number of smaller, uglier buildings of a similar vintage, on similarly large sites, in the immediate area that it seems would be much better suited for a potential supertall. Is it just because Chase already owns the land under this one? Is it really more expensive for them to buy another site than it is to knock down a 700’ tower sitting directly above an active railroad yard?
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Yes. And it's not as if Manhattan is brimming with sites, or that Chase has not tried other options.
But let's be clear. Buildings, though they may be nice to look at, aren't there for the sole pleasure of viewing - they serve a purpose. This one clearly doesn't, and hasn't for quite some time. It doesn't matter that the replacement will be a "supertall" tower, but that the replacement is adequate for current needs. If Chase says it isn't, then it isn't. Or do we really think they're going to go through with the prospect of tearing down a 700 ft building just for the hell of it?
Furthermore, I'm less concerned with some misguided notions on "preserving" a building from another era as if the city is some living museum, than I am about the health of the City and the life of the business district that many people would seem content to let continue it's slow death.
https://www.bloomberg.com/news/artic...alive-and-well
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JPMorgan’s announcement comes after a few years in which several high-profile financial companies have left Midtown for Hudson Yards and the Financial District. BlackRock Inc., the world’s largest asset manager, will relocate from Midtown East to 50 Hudson Yards, and buyout firm KKR & Co. is buying offices at 30 Hudson Yards, leaving behind 9 West 57th St., one of Manhattan’s most prestigious office addresses. JPMorgan itself was in negotiations in 2014 to move to Hudson Yards, talks that fell apart.
It’s an exaggeration to say those moves suggest that companies are abandoning Midtown, according to Holliday. It just means they like new buildings.
About 77 percent of Manhattan’s 400 million square feet of offices was built before 1980, according to Richard Persichetti, U.S. Northeast research director for brokerage Cushman & Wakefield.
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https://ny.curbed.com/2014/1/30/1014...t-after-tenant
An Un-Rezoned Midtown East Is Losing Tenant After Tenant
https://nypost.com/2016/11/29/compan...ards-district/
Companies bolting East Midtown for the Hudson Yards district
https://www.bisnow.com/new-york/news...on-yards-78246
Pfizer Leaving Midtown For Tishman Speyer's Hudson Yards Spiral
https://www.institutionalinvestor.co...town-manhattan
Will Hudson Yards Decimate Midtown Manhattan?
This is a big win for New York, and east Midtown. It's why the mayor and the governor are so eager to make this happen. They know what it's about.