270 Park Avenue (2021–present)

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This article is about the skyscraper under construction. For the former Union Carbide Building, see 270 Park Avenue (1960–2021).
JPMorgan Chase Building
270 Park Avenue
270 Park Avenue Photomontage.jpg
Artist's impression of the planned JPMorgan Chase Building at 270 Park Avenue
Wikimedia | © OpenStreetMap
Alternative namesJPMorgan Chase Building
General information
StatusUnder construction
TypeOffice
Location270 Park Avenue, New York, NY 10017, U.S.
Coordinates40°45′21″N 73°58′31″W / 40.7558°N 73.9754°W / 40.7558; -73.9754Coordinates: 40°45′21″N 73°58′31″W / 40.7558°N 73.9754°W / 40.7558; -73.9754
Construction started2021
Estimated completion2025
Height1,388 feet (423 m)
Technical details
Floor count70
Floor area2,500,000 square feet (230,000 m2)[1]
Design and construction
Architecture firmFoster + Partners
References
[2]

270 Park Avenue, also known as the JPMorgan Chase Building, is a skyscraper under construction in the Midtown Manhattan neighborhood of New York City. Designed by the firm of Foster + Partners, the tower is expected to rise up to 1,388 feet (423 m), and will replace a previous skyscraper (also known as the Union Carbide Building) that existed at this address from 1960 until demolition was completed in 2021.[3] Like the demolished building, the new skyscraper will be the global headquarters for JPMorgan Chase. During construction, 383 Madison Avenue is serving as the temporary headquarters.[4] The building is planned to be completed in 2025.

Site[]

270 Park Avenue is in the Midtown Manhattan neighborhood of New York City. It occupied an entire city block bounded by Madison Avenue to the west, 48th Street to the north, Park Avenue to the east, and 47th Street to the south.[5][6] The land lot covers about 80,000 square feet (7,400 m2) with a frontage of 200 feet (61 m) on either avenue and 400 feet (120 m) on either street.[5] Nearby buildings include the old New York Mercantile Library and 400 Madison Avenue to the west; Tower 49 to the northwest; 277 Park Avenue to the east; 245 Park Avenue to the southeast; and 383 Madison Avenue to the south.[5]

The completion of the underground Grand Central Terminal in 1913 resulted in the rapid development of Terminal City, the area around Grand Central, as well as a corresponding increase in real-estate prices.[7] Among these were office buildings such as the Chanin Building, Bowery Savings Bank Building, and New York Central Building, as well as hotels like the Biltmore, Commodore, Waldorf Astoria, and Summit.[8] The site of 270 Park Avenue had been occupied by a six-building complex, the Hotel Marguery, which opened in 1917 and was developed by Charles V. Paterno. The stone-clad hotel was 12 stories high and designed in the Renaissance Revival style.[9][10] By 1920, the area had become what The New York Times called "a great civic centre".[11]

Architecture[]

Foster and Partners is designing the building, which will be 1,388 feet (423 m) tall.[12][13][14] Sources disagree on the number of stories. The New York Times indicates that the building will rise 70 stories,[12] Emporis cites a figure of 63 stories,[13] and the Council on Tall Buildings and Urban Habitat gives a figure of 60 stories.[14] According to renderings presented in April 2022, massive columns in the base will support a lobby measuring about 80 feet (24 m) high, with public space facing Madison and Park Avenues. Above the lobby will be a series of setbacks to the west and east, tapering to a pinnacle.[15]

The interior will fit 15,000 employees and will contain a food hall, a penthouse conference center, a fitness center, and large spaces illuminated by natural lights.[15] The floor plates will be able to be configured in several layouts.[16] To comply with city legislation, which bans the use of natural gas in all new buildings constructed after 2027, the structure would be powered entirely by hydroelectric energy. Ninety-seven percent of materials from the old building had been salvaged during its demolition; much of this material would be used in the new building.[15][17]

History[]

Planning[]

In February 2018, JPMorgan announced it would demolish the former Union Carbide Building to make way for a structure that was almost twice as tall. This was the first major project to be announced as part of the Midtown East rezoning in the 2010s.[18][12] The former building became the tallest voluntarily demolished building in the world, overtaking the previous record-holder Singer Building that was demolished in 1968.[19] The replacement 1,388 feet (423 m), 70-story headquarters would have space for 15,000 employees. The new headquarters is part of the East Midtown rezoning plan. Tishman Construction Corporation will be the construction manager for the project.[12]

To build the larger structure, JPMorgan purchased hundreds of thousands of square feet of air rights from nearby St. Bartholomew's Episcopal Church as well as from Michael Dell's MSD Capital, the owner of the air rights above Grand Central Terminal.[20][21] In October 2018, JPMorgan announced that British architectural firm Foster + Partners would design the new building. The plans for the new building had grown to 1,388 feet (423 m), though the zoning envelope allowed for a structure as high as 1,566 feet (477 m).[22] However, this also raised concerns that the taller building would require deeper foundations that could interfere with the Metropolitan Transportation Authority's East Side Access tunnels and the Grand Central Terminal's rail yards, which are directly underneath 270 Park Avenue.[23]

In May 2019, the New York City Council unanimously approved JPMorgan's new headquarters.[24][25] In order to secure approvals, JPMorgan was required to contribute $40 million to a district-wide improvement fund and incorporate a new 10,000 square feet (930 m2) privately owned public space plaza in front of the tower. After pressure from Manhattan Borough President Gale Brewer and City Council member Keith Powers, JPMorgan also agreed to fund numerous upgrades to the public realm surrounding the building including improvements to Grand Central's train shed as well as a new entrance to the station at 48th Street.[25][26] The MTA had planned to repair the Grand Central Terminal train shed's concrete and steel as part of the 2020–2024 MTA Capital Program.[27][28] The first portion of the train shed to be repaired was underneath 270 Park Avenue, since the agency wished to conduct the repair work alongside new developments where possible.[28]

Construction[]

Construction of the base in June 2021

In July 2019, the MTA and JPMorgan Chase signed an agreement, in which JPMorgan agreed to ensure that the destruction of 270 Park Avenue would not disrupt the timeline of East Side Access.[29] The same month, scaffolding was wrapped around the tower and podium structure on the Madison Avenue side of the building, marking the beginning of building demolition. At the time, demolition was scheduled to be completed at the end of 2020.[30] By late December 2020, the demolition of the main tower had not yet been completed, but parts of the new superstructure were being assembled on the Madison Avenue side, as demolition on the podium structure had been completed earlier.[31] The first steel beams of the new structure were being assembled by the following month, in January 2021, three months before demolition of the main tower concluded.[32]

The old building was demolished by mid-2021,[33][34] after which the columns in the base began construction across the entire lot.[3][35] By the end of the year, cranes and construction elevators had been built.[36] In April 2022, JPMorgan CEO Jamie Dimon announced that he would further consolidate the company's New York City offices at 270 Park Avenue, since half of the staff would be able to work from home at least part of the time.[37][38] As of 2022, the building is estimated to be completed in 2025.[15][17]

Reception[]

Architectural critic Alexandra Lange described the new 270 Park Avenue in 2022 as "a Son of Hearst Tower grafted on top of creepy legs."[39]

See also[]

  • List of tallest buildings in New York City
  • List of tallest buildings in the United States

References[]

  1. ^ Young, Michael. "JPMorgan Chase's 270 Park Avenue Continues Its Ascent In Midtown East, Manhattan". Newyorkyimby.com. New York YIMBY. Retrieved April 24, 2022.
  2. ^ "JPMorgan Chase World Headquarters". Skyscrapercenter.com. CTBUH. Retrieved April 16, 2022.
  3. ^ Jump up to: a b "270 Park Avenue's Massive Steel Base Takes Shape in Midtown East, Manhattan". New York YIMBY. August 16, 2021. Retrieved September 4, 2021.
  4. ^ "JPMorgan weighs shifting thousands of jobs out of New York area". American Banker. October 28, 2019. Retrieved August 18, 2020.
  5. ^ Jump up to: a b c "200 Park Avenue, 10017". New York City Department of City Planning. Retrieved March 20, 2020.
  6. ^ White, Norval; Willensky, Elliot & Leadon, Fran (2010). AIA Guide to New York City (5th ed.). New York: Oxford University Press. p. 317. ISBN 978-0-19538-386-7.
  7. ^ Fitch, James Marston; Waite, Diana S. (1974). Grand Central Terminal and Rockefeller Center: A Historic-critical Estimate of Their Significance. Albany, New York: The Division. p. 6.
  8. ^ Caratzas, Michael (November 22, 2016). 400 Madison Avenue (PDF) (Report). New York City Landmarks Preservation Commission. p. 5. Retrieved October 17, 2019.
  9. ^ "JPMorgan Chase Tower". Emporis. Archived from the original on October 22, 2012. Retrieved September 13, 2014.
  10. ^ "Completing Big Apartment" (PDF). The New York Times. June 17, 1917. ISSN 0362-4331. Retrieved August 21, 2020.
  11. ^ "Another Building For Terminal Zone; 12-Story Commercial Structure to be Erected Opposite the Commodore Hotel". The New York Times. September 14, 1920. ISSN 0362-4331. Archived from the original on October 17, 2019. Retrieved October 17, 2019.
  12. ^ Jump up to: a b c d Bagli, Charles V. (February 21, 2018). "Out With the Old Building, in With the New for JPMorgan Chase". The New York Times. ISSN 0362-4331. Retrieved February 22, 2018.
  13. ^ Jump up to: a b "JPMorgan Chase World Headquarters". Emporis. Archived from the original on September 17, 2021. Retrieved January 1, 2021.
  14. ^ Jump up to: a b "JPMorgan Chase World Headquarters - The Skyscraper Center". Council on Tall Buildings and Urban Habitat. April 15, 2022. Retrieved April 24, 2022.
  15. ^ Jump up to: a b c d Gannon, Devin (April 14, 2022). "JPMorgan's 60-story Midtown East tower will be NYC's largest all-electric skyscraper". 6sqft. Retrieved April 15, 2022.
  16. ^ "JPMorgan Chase Touts Flexible Design for NYC HQ". The Real Deal New York. April 19, 2021. Retrieved April 15, 2022.
  17. ^ Jump up to: a b Holland, Oscar (April 19, 2022). "Plans for JPMorgan Chase's NYC 'all-electric' skyscraper unveiled - CNN Style". CNN. Retrieved April 25, 2022.
  18. ^ Plitt, Amy (February 21, 2018). "Midtown East rezoning's first major project is 70-story HQ for JPMorgan Chase". Curbed NY. Retrieved April 22, 2022.
  19. ^ "World's tallest demolished buildings" (PDF). CTBUH Journal. No. II. April 27, 2018. pp. 48–49. Retrieved August 20, 2020.
  20. ^ Davis, Michelle (June 28, 2018). "JPMorgan Buys Air Rights From Midtown Church to Build Its New HQ". Bloomberg News. Retrieved June 17, 2019.
  21. ^ Levitt, David M. (February 26, 2018). "JPMorgan Buys Rights for HQ From Michael Dell Partnership". Bloomberg News. Retrieved June 17, 2019.
  22. ^ Fedak, Nikolai (November 12, 2018). "270 Park Avenue's Replacement Will Rise 1,400 Feet in Midtown East, Manhattan". New York YIMBY. Retrieved December 15, 2018.
  23. ^ Geiger, Daniel (December 13, 2018). "JPMorgan tower could interfere with MTA megaproject". Crain's New York Business. Retrieved August 20, 2020.
  24. ^ Small, Eddie (May 8, 2019). "City Council gives green light for JMorgan's new headquarters in Midtown East". The Real Deal. Retrieved August 20, 2020.
  25. ^ Jump up to: a b Deffenbaugh, Ryan (May 13, 2019). "Council approves plan for JPMorgan tower". Crain's New York Business. Vol. 35, no. 19. p. 4. ProQuest 2226047250.
  26. ^ Katz, Lily (March 26, 2019). "JPMorgan Agrees to Fund Transit Upgrades Near Its New Manhattan Headquarters". Bloomberg News. Retrieved June 17, 2019.
  27. ^ "MTA mulling big repairs to Grand Central train shed". Crain's New York Business. December 5, 2018. Retrieved December 6, 2018.
  28. ^ Jump up to: a b Berger, Paul (November 10, 2019). "Midtown Manhattan Braces for MTA's Massive 20-Year Construction Job". Wall Street Journal. ISSN 0099-9660. Retrieved April 24, 2022.
  29. ^ "Capital Program Oversight Committee Meeting" (PDF). Metropolitan Transportation Authority. July 22, 2019. p. 22. Retrieved January 19, 2019.
  30. ^ "270 Park Avenue's Shrouded Demolition Making Progress in Midtown East". New York YIMBY. September 23, 2019. Retrieved March 7, 2021.
  31. ^ "270 Park Avenue's Demolition Passes Halfway Mark in Midtown East". New York YIMBY. December 29, 2020. Retrieved March 7, 2021.
  32. ^ "270 Park Avenue's New Superstructure Begins to Rise as Demolition Continues in Midtown East, Manhattan". New York YIMBY. January 25, 2021. Retrieved March 7, 2021.
  33. ^ Davidson, Justin (May 17, 2021). "What If New York Stopped Knocking Down Buildings?". Intelligencer. Retrieved September 4, 2021.
  34. ^ "270 Park Avenue's Demolition is Complete While New Steel Superstructure Rises in Midtown East". New York YIMBY. June 7, 2021. Retrieved September 4, 2021.
  35. ^ "270 Park Avenue's First Office Levels Begin Formation in Midtown East, Manhattan". New York YIMBY. October 1, 2021. Retrieved October 15, 2021.
  36. ^ "JPMorgan Chase's Supertall Headquarters Continues Construction at 270 Park Avenue in Midtown East, Manhattan". New York YIMBY. December 28, 2021. Retrieved April 15, 2022.
  37. ^ Young, Celia; Cornfield, Greg (April 10, 2022). "Sunday Summary: The End of 421a As We Know It?". Commercial Observer. Retrieved April 15, 2022.
  38. ^ "Jamie Dimon Yields to Work-From-Home Crowd". The Real Deal New York. April 4, 2022. Retrieved April 15, 2022.
  39. ^ Salmon, Felix (April 23, 2022). "JPMorgan unveils design of new headquarters". Axios. Retrieved July 7, 2022.

External links[]

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