JPMorgan Chase isn’t done buying air rights for its ground-up HQ

Bank looking to buy 100K sf in dev rights from St. Bartholomew's

Mar.March 05, 2018 12:20 PM

From left: Jamie Dimon, St. Bartholomew’s Church and 270 Park Avenue

JPMorgan Chase is in talks to buy another 100,000 square feet of air rights from St. Bartholomew’s Church as part of its plans to build a new 2.5-million-square-foot tower.

The bank is also purchasing 680,000 square feet of air rights from the owners of Grand Central Terminal for $240 million and may buy more from another religious institution, the New York Times reported. JPMorgan Chase plans to demolish its headquarters at 270 Park Avenue and replace it will a larger office tower — made possible through the Midtown East rezoning.

Last week, MRP Realty and Deutsche Bank Asset Management announced that they would buy 30,000 square feet of air rights from St. Patrick’s Cathedral under the rezoning. The Times reported that developers are eyeing at least four other buildings to demolish, including the Grand Hyatt New York hotel near Grand Central. The Real Deal previously reported that the Pfizer headquarters on 42nd Street, the Metropolitan Transportation Authority headquarters on Madison Avenue and the Roosevelt Hotel on 45th Street were also possible contenders.

As part of the rezoning of the district, which was approved in August, the city identified 3.6 million square feet of landmarked air rights that developers could purchase to build out their office buildings. Under the rezoning, a public realm improvement fund will receive either 20 percent of the value of these air rights sales or $61.49 per square foot — whichever is greater. The JPMorgan Chase deals are expected to generate $42 million for improvements. [NYT] — Kathryn Brenzel 

Related Articles

133-25 37th Avenue in Flushing

Developer Gary Tsan buys Flushing property for $60M

South Carolina town puts moratorium on development (Credit: iStock)

The high cost of low taxes: South Carolina town bans all development for 16 months

U.S. Rep. Alexandria Ocasio-Cortez and Sunnyside Yards (inset) (Credit: Getty Images and Wikipedia)

AOC resigns from Queens megadevelopment steering committee

Donald Trump with Rep. Emanuel Cleaver II, Rep. Ron Kind and Sen. Cory Booker (Credit: Getty Images, iStock)

Trump’s Opportunity Zone program is under investigation

The agreement was signed today at UBC’s New York Council offices in Manhattan by Nathan Blecharczyk, Airbnb co-founder, Chief Strategy Officer, and Frank Spencer, General Vice President of UBC.

Airbnb hammers out partnership with carpenters’ union

Clockwise from left: Kings Plaza Shopping Center in Brooklyn, 45-18 Court Square  in Long Island City with GFP's Eric Gural, and 150-13 89th Avenue in Jamaica 

Brooklyn mall’s $487M tops outer-borough loan list

Fotis Dulos (AP Images/ Erik Trautmann)

Connecticut developer Fotis Dulos charged with murder

Pier 40 and Gov. Andrew Cuomo (Credit: Wikipedia and Getty Images)

Cuomo kills Pier 40 redevelopment plan