The Real Deal New York

JPMorgan wants less public space at its proposed Midtown tower

It is seeking changes to a recent rezoning
December 06, 2018 09:09AM

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