No tax breaks so JPMorgan Chase cans Hudson Yards move

Bank drops plan to build $6.5B headquarters

TRD 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

Related is the latest developer to target the Rockaways

The Daily Digest - Tuesday

WeWork bonds hit low, new LLC legislation went farther than intended: Daily digest

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

15 Hudson Yards (Credit: Related-Oxford, iStock)

First he sold a plot of land to Hudson Yards’ developers. Now he owns 7 luxury condos there

The Plaza Hotel in 1975 and models walking the runway during New York Fashion Week September 2019 (Credit: Getty Images)

Fashion Week struts its stuff at these iconic NYC locations

Clockwise from top left: The Watchtower building at 25 Columbia Heights, Long Island University at 1 University Plaza, The Rheingold at 10 Montieth Street and 871 Bushwick Avenue in Brooklyn (Credit: Wikipedia and Google Maps)

These were the top 10 outer borough loans last month

M&T CEO René Jones and Brookfield managing partner Ben Brown with 5 Manhattan West (Credit: M&T, Brookfield, and Wikipedia)

Brookfield lands $184M refinancing for Manhattan West retail

From left: Prabal Gurung, Dana Lorenz and Stephen Ross (Credit: Getty Images)

Stephen Ross backlash hits Hudson Yards

arrow_forward_ios