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Originally Posted by patriotizzy
I am getting too excited for this. I don't want to experience disappointment, so it's putting a damper on it.
1400 is already an incredible number to look at. Any more height is like delicious creamy icing on the cake. A crown that tapers off gracefully and maybe a splash of decor, would be the big bright red cherry on top of the icing.
One can dream right?
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Yeah. I'm just gonna assume a tower of 1,400+ feet, and the overall massing will be as depicted, a tower that fits within the zoning for that site. The only thing they are requesting is for the amendment to move the retail (a branch) from Madison Avenue to the SE side so the POPS could be placed there in the enclosure.
Now, I'm not sure if that massing includes space for the remaining development rights Chase has been acquiring for the site, or if that will come at a later time once the air rights are in place. The only thing that has advanced so far is for the Grand Central air rights, which is where the bulk of the additional space is coming from. But initial plans called for a tower to house 15,000 employees. The current version in the EAS is for about 12,000 employees.
Remember the smaller pieces...
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https://therealdeal.com/2018/06/28/j...0-park-avenue/
50K sf of air rights — and maybe 505K more for 270 Park Avenue
Bank agreed to pay $20.7M to St. Bart's
By Kathryn Brenzel
June 28, 2018
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JPMorgan Chase has agreed to buy 50,000 square feet of air rights from St. Bartholomew’s Church but is leaving the door open to buy up to 505,000 square feet more for $157.8 million.
The bank plans to pay $20.7 million for the initial installment of rights, according to a petition filed in state Supreme Court on Wednesday. JPMorgan has agreed to pay $15.6 million for the rights, as well as $3.1 million for public contributions that are required by recent rezoning legislation. The bank has also agreed to pay up to $2 million in closing and related costs.
As part of the agreement, JPMorgan has the option to eventually buy all but 20,000 square feet of the church’s remaining air rights. The bank has until February 28, 2019, to decide whether to buy more.
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The petition notes that the bank can use these air rights at the Park Avenue tower or at “another qualifying” site. But if the bank buys additional rights from St. Bart’s, those must be used for the Park Avenue tower, according to the court documents.
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JPMorgan has also agreed to pay a $3 million fee to hold onto its option to buy additional rights from the church. The fee will count toward its purchase of more air rights if the bank purchases 300,000 square feet or more.
In March, the New York Times reported that JPMorgan agreed to buy 680,000 square feet of air rights from the owners of Grand Central Terminal, as well as 100,000 square feet of air rights from St. Bart’s and possibly more from another religious institution.
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https://archpaper.com/2018/10/st-bar...jpmorganchase/
Historic midtown N.Y.C. church to transfer air rights to JPMorgan
By SYDNEY FRANKLIN
October 3, 2018
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JPMorgan Chase is one step closer to constructing its new headquarters atop the footprint of the soon-to-be-demolished Union Carbide building in New York City. Since February, the bank has successfully initiated the transfer of development rights from the adjacent Grand Central Terminal and St. Patrick’s Cathedral. On Tuesday, the New York City Landmarks Preservation Commission signaled the third major structure to give over rights in the deal—the 100-year-old St. Bartholomew’s Episcopal Church.
The commission voted unanimously to approve a master plan for the restoration and continued maintenance of the historic church, pending the planned transfer of air rights to JPMorgan. Commissioner Michael Goldblum called the decision a “joyous day” for St. Bart’s and acknowledged the success of the many buildings that have begun a revival process due to the deal, some of which would “never have had the ability to raise adequate funds” for themselves.
The financial giant has agreed to purchase at least 50,000-square-feet of development rights from St. Bart’s for $20.7 million, which the deteriorating church will use to underwrite countless renovation projects on site. At the end of June, The Real Deal reported that the bank is also considering buying 505,000 square feet of additional development rights for seven times the current price.
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