Yes, Chase, pleae come in and give us a decent looking skyscraper...
https://twitter.com/RichardJoyTO/sta...85708203077632
And replace this McDonalds in the process...
http://news.efinancialcareers.com/us...park-ave-dont/
Why JPMorgan bankers want to move from Park Ave., why they don’t
by Beecher Tuttle
Quote:
JPMorgan is reportedly considering moving its New York headquarters from its posh Park Avenue location to the West Side. The bank is eyeing a $6.5 billion two-tower campus at Hudson Yards, a new build adjacent to the Javits Center and just a block from the Hudson River.
The pluses for JPMorgan moving away from one of the most historic parts of Manhattan are obvious: it’ll be cheaper in the long run and will give the bank access to better technology. The downsides are more about JPMorgan employees than the bank itself. Here’s a breakdown of the pros and cons for bankers who would make the move west, if indeed JPMorgan inks a deal.
Con: Location, location, location.
Sitting on Park Ave. between 47th and 48th Street, JPMorgan’s current headquarters are ideal for commuting. Grand Central Terminal is just a couple blocks away, giving bankers access to subways that can take them anywhere in the city and, more importantly, trains out to the suburbs. It’s as commutable a location as anyone could ask.
Hudson Yards, meanwhile, is a real estate development that takes up the lower 30s between 10th Street and the West Side Highway. The potential site for JPMorgan is on the northeastern side of the development, on 33rd between 10th and 11th.
While Penn Station is several avenues over, Hudson Yards isn’t nearly as commutable. Subway options are limited and, unless you live in New Jersey, you’ll need to take the commuter rail over to Grand Central after a hefty walk. The number 7 subway line is being extended to reach Hudson Yards, but that’s not a well-traveled line for people who work in banking.
Also, it’s far from being the epicenter of financial services. The building will neighbor the headquarters for Coach, the luxury bag designer, and department store Neiman Marcus has chosen the location for its flagship New York City store. Media company Time Warner has also signed on.
Currently, the area is rather unattractive. But as you’ll see, major changes are in the works.
Pro: The view
Located just a few hundred yards from the Hudson River, the views should be rather amazing. Above is a photo taken this week from the Coach offices that looks down over where the tower would be located. The buildings planned for the area are towers, unlike the more diminutive Coach building, so the view would be even more spectacular.
Con: Fine dining, at least for now
While midtown isn’t the epicenter for fine dining in New York City, it offers hundreds of options, from casual lunch spots to pricey steakhouses. Hudson Yards, sandwiched between Chelsea and the Garment District, is as void of good places to eat as anywhere in Manhattan. Below is the closest restaurant to the site.
Now, that said, Hudson Yards is a huge build and will no doubt attract other businesses and restaurants to the area. The developers expect seven levels of shops and restaurants, and the 500 residences that are planned should bring even more big culinary names to the area. They are also planning a luxury hotel.
But that will take time. Who knows, years down the road it could grow into something special.
Pro: Outdoor space
Unlike crowded Midtown, Hudson Yards has the High Line, a 1.5-mile linear park that weaves through the area, plus Hudson River Park, a beautiful stretch of running and biking paths that run alongside the river. The developers also say they are planning 6 acres of open space that will exist between the towers and stores.
Hudson Yards is also planning a 750-seat public school, which would be great for some parents.
Con: A lack of history and prestige
Say what you want about shiny new buildings and fresh amenities, Park Ave. has panache. The location has been associated with JPMorgan for decades and draws connotations of power and money. Hudson Yards is a project with high aims. Park Avenue is Park Avenue.
Pro: It keeps workers in Manhattan
Like other banks, JPMorgan is moving employees out of high cost locations like New York City. The bank has been pushing people out to New Jersey, Delaware, Florida, and is even said to be working on a facility in Brooklyn. But a two-tower site like the one planned at Hudson Yards would likely slow the drain off talent to lower cost areas.
The New York Times, which first broke news of the negotiations, said the towers could house 16,000 workers. That’s a nice feeling if you like working in the city.
Currently, JPMorgan is said to be in negotiations with the builder, but they’re looking for subsidies for the city, which, under Mayor Bill de Blasio, has shown little interest in providing additional financial support. City officials told the Times they’ve given out around $600 million in tax breaks related to the project already. JPMorgan hasn’t commented on any potential moving plans.
So it’s a wait-and-see for the moment. The towers aren’t expected to be completed until around 2018.
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Large view of our infamous McDonalds...
http://news-cdn.efinancialcareers.co...14/10/McD2.jpg
http://www.crainsnewyork.com/article...n-the-hot-seat
JPMorgan puts de Blasio on the hot seat
GREG DAVID
OCTOBER 26, 2014
Quote:
JPMorgan Chase's request for enormous tax breaks to build two towers in Hudson Yards on the far West Side and relocate 16,000 workers to that embryonic neighborhood presents a series of dilemmas for Mayor Bill de Blasio. Some are of his own making, some reflect the times, but all will set important precedents.
The campaign pledge.
As a candidate, Bill de Blasio said over and over again there would be no tax breaks for companies threatening to leave the city. He assailed the Bloomberg administration deal in which FreshDirect received some $100 million in incentives to relocate to the depressed South Bronx and increase its workforce by 1,000 people. Deputy Mayor Alicia Glen repeated that vow earlier this year.
These days the language is a little different. Both the mayor and Ms. Glen say a reported request by JPMorgan Chase for $1 billion in tax breaks is a "nonstarter," although they will try to be "helpful.'' What does that mean? It might mean persuading the state to come up with the money, which Gov. Andrew Cuomo has done for a series of tech firms recently. The governor has his own budget pressures and political problems, and it is unclear why he would continue to bail out the mayor on this issue.
The size of the request.
It's hard to believe JPMorgan was being serious asking for $1 billion in subsidies, but maybe it was trying to distract attention from another problem. The site already offers enormous savings because of incentives as part of the Hudson Yards zoning, which have been estimated at $600 million. (Maybe JPMorgan included that in its request. If not, one should ask what that says about its thinking.)
Those tax breaks were put into place in the Bloomberg administration to forestall just this kind of dealmaking, and giving JPMorgan any additions will just lead to more requests.
JPMorgan is shrinking, not growing, in New York.
This may be the most important issue. Like many other financial companies, JPMorgan is moving midlevel jobs to lower-cost areas as it desperately tries to cut costs to cope with new financial regulations that make global banking less profitable. It is expected to keep its high-paying, revenue-producing people in New York, but the bottom line is that total employment in the city is likely to fall.
Requests for tax breaks from companies in JPMorgan's position were nonstarters in the Bloomberg administration, former officials say. Companies were told that the city was only going to help companies growing in New York.
One could argue that the times are different, that there is no way to demand an increase in financial-services employment, and that tax breaks are needed to keep the jobs New York wants the most. It would be more than a little ironic if Mr. de Blasio starts giving incentives that the Bloomberg administration would not.
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NEW YORK is Back!
“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; Oct 27, 2014 at 1:00 AM.
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