JPMorgan Chase closes on $115M buy of Bank of China’s former HQ

The U.S. banking giant had already moved employees into the 7-story Midtown East building last year

New York /
Jun.June 26, 2020 05:15 PM
JPMorgan Chase CEO Jamie DImon and 410 Madison Avenue (Getty Images, Google Maps)

JPMorgan Chase CEO Jamie Dimon and 410 Madison Avenue (Getty Images, Google Maps)

JPMorgan Chase closed on its $115 million purchase of 410 Madison Avenue, the former U.S. headquarters for Bank of China, according to public records.

Negotiations over the purchase were first reported more than a year ago, after the U.S. bank had moved some of its employees into the seven-story Midtown East building. The closing price is $15 million more than estimated when negotiations began.

Bank of China owned and occupied the 58,000 square-foot building for 36 years but started looking to sell in mid-2017, when it moved to 7 Bryant Park.

The site, which now includes 107,500 buildable square feet thanks to the Midtown East rezoning, is just a block from Chase’s 270 Park Avenue headquarters, where it was set demolish its own 52-story building and replace it with a 70-story structure, again thanks to zoning changes.

A spokesperson for JPMorgan confirmed the sale but declined to comment further. A representative for Bank of China did not immediately respond to a request for comment.

The sale of 410 Madison comes after a period in which real estate deals in New York City slowed considerably because of the coronavirus-related shutdown. The city is now in its second phase of reopening, but cases are now surging in other parts of the U.S.

Transfer taxes from the sale will net the city $3.75 million against a predicted $2 billion in budget cuts because of the virus.


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