WTC site could become residential, as JPMorgan drops HQ plans

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As JPMorgan Chase plans on taking over the Bear Stearns building at 388 Madison Avenue instead of building a new headquarters at the site of the old Deutsche Bank building, a residential or mixed-use tower could be built there instead. Last week, World Trade Center developer Larry Silverstein had touted JPMorgan’s planned tower as a sign that the area was a financial hub. But the director of World Trade Center development for Silverstein Properties, Janno Lieber, said he wasn’t concerned because the site a hotel was originally considered for the site. JPMorgan, which acquired the Bear Stearns building when it purchased the struggling firm on Sunday, says it is still interested in the site.

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