JPMorgan wants less public space at its proposed Midtown tower

It is seeking changes to a recent rezoning

TRD New York /
Dec.December 06, 2018 09:09 AM

Jamie Dimon and 270 Park Avenue (Credit: Getty Images)

JPMorgan Chase’s new headquarters at 270 Park Avenue is expected to stand 70 stories tall and span 2.5 million square feet. But the financial giant wants to sharply reduce the amount of space set aside for the public.

Under current rules passed in the Midtown East rezoning, the proposed tower requires that 10,000 square feet of space be set aside for the public. But the bank argued to the local community board on Wednesday that it should provide only 7,000 square feet. Its reason? Most of the block sits over a large train shed connected to Grand Central Terminal, which makes a basement and foundation space for a larger public space infeasible.

The local land use committee shot down the proposal.

“Asking for a huge giveaway in exchange for nothing is not something we would contemplate,” said Layla Law-Gisiko, chair of the board’s land use committee.

The proposal will ultimately end up at City Council.

The rezoning gives developers additional density if they purchase air rights from landmarked properties in the district, provide transit improvements or build privately owned public spaces. [Crain’s] — Meenal Vamburkar

Related Articles

An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

Multifamily market still reigns in Queens, Blackstone balks after rent reforms and more of the biggest CRE trends right now

Real estate titans … and their toys