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

[NYguy]

Those idiots in CB5...


https://www.crainsnewyork.com/real-e...-midtown-tower

JPMorgan wants to shrink public space in proposed East Midtown tower
Bank seeks zoning bonus without providing open space required by recent rezoning

JOE ANUTA
December 05, 2018

JPMorgan Chase is seeking changes to a recently passed rezoning in East Midtown to provide a smaller-than-required public space at its proposed tower along Park Avenue.

The bank announced earlier this year that it would demolish its current building at 270 Park Ave. and replace it with a much larger structure allowed by the Greater East Midtown rezoning.

Essentially, that rezoning gives developers additional density if they, in various combinations, purchase air rights from landmarked properties in the district, provide transit improvements or build privately owned public spaces.

JPMorgan’s proposed tower would require a 10,000 square foot public space under the rules. However, the bank is arguing that it can only provide a 7,000 square foot space because of an unusual condition at the property. Nearly two-thirds of the block sits directly over a large train shed connected to Grand Central Terminal that is used to store and stage Metro North trains, and the lack of basement and foundation space makes a larger public area infeasible.

Wednesday evening, the bank presented its argument to a Manhattan community board, which voted against the proposal.

“Asking for a huge giveaway in exchange for nothing is not something we would not contemplate,” said Layla Law-Gisiko, chair of the board’s land use committee.

The board argued that granting an exemption on the first development to arise from the rezoning would set a bad percent, and that JPMorgan should at least have offered another public benefit to compensate for the 3,000 square foot shortfall in the open space, if not reconfigured the layout to reach the existing requirement. The bank said that it considered many options but could not arrive at a 10,000 square foot open space that would be suitable to the public.

The proposal will ultimately wind up at the City Council, where a compromise might be struck next year.

Do these people not realize that they will end up with a taller tower? Not that their vote is binding, but it's interesting how the knee-jerk reaction seems to be "no". There is no way that open plaza will be more inviting to the pulic, in that location and configuration.