JPMorgan Chase in talks to build $6.5B HQ at Hudson Yards

Bank seeking tax breaks, job-training grants from city

New York /
Oct.October 17, 2014 08:20 AM

JPMorgan Chase is in talks with state and city officials to reach an agreement that would enable the bank to build a $6.5 billion corporate campus, including two skyscrapers, at Hudson Yards.

Chase was reportedly looking for $1 billion in concessions from the city and the state, according to the New York Times. Chase would build its towers on the north side of 33rd Street, between 10th and 11th avenues on two sites that are owned by Related Companies, according to the newspaper. The towers would house 16,000 employees.

Chase proposed — among other things — to cut the mortgage recording tax, transfer tax and sales taxes on construction materials. The bank also asked for job-training grants, a discount on power from the state and an underground passageway between the towers, for which the new no. 7 subway stop would have to be altered.

According to the newspaper, negotiations nearly fell through last week, but have regained momentum. An agreement, however, is far from certain.

“There’s no way that the city would entertain a demand for a billion dollars in additional incentives at Hudson Yards,” Alicia Glen, the deputy mayor for economic development told the newspaper. “We have always been willing to engage with them in a dialogue about how we could be helpful in making a move more feasible.”

Chase maintains that the deal would benefit New York, because the bank would have to buy development rights from the city and make annual payments to build the towers.

Chase’s corporate headquarters are currently divided between 270 Park AvenueAnd 383 Madison Avenue. [NYT] — Claire Moses


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

Related is the latest developer to target the Rockaways
The Observation Deck at Hudson Yards (Credit: Adam Pogoff)

Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere

Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere
Related chairman Stephen Ross and 265-475 Cherry Street (Getty; Google Maps)

Related to buy Section 8 buildings for $435M

Related to buy Section 8 buildings for $435M
Related's Steve Ross and 1 Union Square South (Getty, Google Maps)

MKF Realty set to close on Related’s Union Square high-rise for $200M

MKF Realty set to close on Related’s Union Square high-rise for $200M
 JPMorgan’s Marianne Lake (Getty, iStock)

JPMorgan walks back some mortgage constraints

JPMorgan walks back some mortgage constraints
David Boies and 55 Hudson Yards (Getty, Google Maps)

Boies Schiller seeks to shed Hudson Yards office space

Boies Schiller seeks to shed Hudson Yards office space
Related chairman Stephen Ross (Getty; iStock; Health Pass) 

Related, Cushman & Wakefield use new app to screen workers for Covid

Related, Cushman & Wakefield use new app to screen workers for Covid
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...