Development


A rendering of JPMorgan Chase’s future Midtown East
headquarters at 270 Park Avenue

The destruction of 270 Park Avenue represents an end and a beginning. It will be the  largest-ever voluntary demolition in the U.S., performed to make way for the largest development project to be announced in 2019.

JPMorgan Chase filed plans last year for a 1,425-foot-tall tower, which will take advantage of zoning bonuses available through Midtown East’s rezoning. The project, which will span 1.9 million square feet (marketed as 2.5 million) is also largely responsible for propelling its designers and developer to the top 10 of The Real Deal’s other rankings in 2019. 

As a result, JPMorgan was the seventh most active developer of the year, and the project’s architect of record, Adamson Associates, was the second busiest architect of 2019. Overall, Related Companies topped the list of most active developers in the city with a planned 2.2 million-square-foot office tower at 415 10th Avenue, better known as 50 Hudson Yards. The busiest architect of record by square footage was Handel Architects, which is working on two mixed-use developments in Long Island City. 

In 2018, all of the top largest projects were residential. While many of the top 10 projects initiated in 2019 were also residential, the largest new projects included industrial and office developments as well. According to the New York Building Congress, some 51.2 million gross square feet of nonresidential construction and  52.1 million gross square feet of residential construction occurred in 2019.  

In this year’s Data Book, there are nearly two dozen development rankings recapping 2019, including a breakdown of the most active developers by borough, the most valuable condo projects to hit the market, the most active architects and general contractors, the priciest new condo filings in each borough, the tallest towers under construction and much more. 


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