Published: Wed, February 21, 2018
Money | By Armando Alvarado

JPMorgan Chase to demolish New York City building, erect a new headquarters

JPMorgan Chase to demolish New York City building, erect a new headquarters

The new building, which has yet to be designed, could be as much as 500 feet taller than the current headquarters, said the person, who asked not to be identified because details of the plans haven't been publicly disclosed.

About 15,000 employees would occupy the new building.

Construction is expected to begin in 2019 and will take five years. "We look forward to working with JPMorgan Chase as it doubles-down on NY as its worldwide home".

During the work, JPMorgan employees will move to four buildings the bank already owns or leases in the Park Avenue vicinity, a spokesman said.

JPMorgan announced on Wednesday it will tear down its Park Avenue headquarters and construct a modern tower that will mark a new era for both midtown Manhattan and the lender.

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The new building, the first major project under a broad midtown Manhattan rezoning plan the city approved in 2017, is expected to rise to 70 stories, easily topping the bank's existing 52-story headquarters, The New York Times reported.

A design of the new building was not unveiled.

In order to win building approvals for a larger tower, JPMorgan will buy unused development rights from other buildings in the surrounding area. Construction of the new headquarters will create more than 8,000 jobs during the development period, the firm said. "Good jobs, modern buildings and concrete improvements that will make East Midtown stronger for the hundreds of thousands of New Yorkers who work here". Proceeds from the sale of those rights will help the city fund upgrades to local subway stations and improvements to the neighborhood's streets and public areas.

New York Gov. Andrew Cuomo said the project "is proof that our economic development strategies are successful".

The announcement ends a beef between Dimon and de Blasio over $1 billion in tax breaks the company wanted in exchange for building two towers on the West Side.

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