No tax breaks so JPMorgan Chase cans Hudson Yards move

Bank drops plan to build $6.5B headquarters

New York /
Oct.October 29, 2014 08:00 AM

JPMorgan Chase will not build its new headquarters at Hudson Yards.

After the bank proposed the $6.5 billion idea — which would consist of a 40-story and a 62-story skyscraper and would house 16,000 employees — earlier this month, it has now decided to stay put on the East Side, according to the New York Times.

Chase Chairman Jamie Dimon broke the news to Mayor Bill de Blasio and Governor Andrew Cuomo on Tuesday.

The project, however, couldn’t move forward without coming to an agreement with the city and the state over a subsidy package. Chase would have had to buy the parcels — 50 and 55 Hudson Yards on the north side of 33rd Street between 10th and 11th avenues — from Related Companies. Chase had said that it was looking for $1 billion in tax breaks, something the mayor called a “nonstarter.”

“This is an outcome that validates our approach, and our belief that these deals often come down to factors that have nothing to do with taxpayer subsidies,” Alicia Glen, deputy mayor for economic development, said, according to the newspaper. “We’re glad that JPMorgan has decided to maintain its buildings and its work force right where they are for the foreseeable future.” [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...