Posted Feb 14, 2019, 9:22 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,206
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https://www.crainsnewyork.com/real-e...k-avenue-tower
JPMorgan revises proposed Park Avenue tower
JOE ANUTA
February 14, 2019
Quote:
JPMorgan Chase is redesigning the soaring 1,400-foot office tower it is planning on Park Avenue in response to push-back over public open space, Crain's has learned.
The firm plans to submit a revised plan for the structure at a City Planning Commission hearing scheduled later this month. The new blueprints would increase the size of a public open space from 7,000 square feet to 10,000 square feet, and would make the area open-air instead of enclosed as in a previous design.
In the wake of the East Midtown rezoning, the banking giant planned to tear down the existing 52-story office building it owns at 270 Park Ave. and replace it with a new tower that would consolidate its New York City employees currently scattered over several locations. While the rezoning was supposed to give developers the ability to pursue these types of bigger projects as-of-right through some combination of purchasing air rights from landmarked buildings in the district, making transit improvements and offering public space, bank officials argued last year that unique site conditions made the open space requirements infeasible.
The rezoning requires a 10,000 square-foot public open space at the property. But because nearly two-thirds of the property sits on piles above the cavernous Grand Central Terminal train shed—which is used to stage and store Metro-North Trains (and is about to undergo a major overhaul)—architects for the project said they could only come up with around 7,000 square feet.
Members of Manhattan Community Board 5 and elected officials pushed back on that notion. And in response, the bank confirmed Thursday that it is redesigning the base of the tower to meet the minimum requirement.
"Our team has worked diligently with our architects and other advisors to identify this solution and believe it works for all stakeholders involved as we continue our pursuit of a world class building that serves the needs of our company, the neighborhood and city," said a bank spokesman said in a statement.
The firm is still in the process of finalizing the design, which will eventually require approval from the City Council.
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Last edited by NYguy; Feb 14, 2019 at 9:35 PM.
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