JPMorgan Chase is planning to build a new world headquarters on Park Avenue between 47th and 48th Streets in place of its existing one. The new 70-story building is expected to be 500 feet higher than the current one which stands at 52 stories. It is also expected to have an extra one million square feet of office space.
The banking giant is expected to start demolition early next year with a plan to open the new building five years later. JPMorgan is said to be negotiating leases at buildings nearby for the employees in the current headquarters.
The building would be the first skyscraper to be built under new zoning rules meant to boost the development of more modern buildings in the area. The bank is expected to generate over $40 million from unused development rights for public improvements in the area under the rezoning plan.
Although the building does not enjoy a landmark status, some preservationists are unhappy about the demolition plans.
Most Popular
AAPL Earnings: Apple’s Q2 sales and profit beat estimates; iPhone sales down 10%
Apple Inc. (NASDAQ: AAPL) on Thursday reported better-than-expected profit and revenue for the second quarter of 2024. There was a 10% decrease in iPhone sales. The gadget giant reported revenues
Shopify (SHOP) is all set to report Q1 2024 results. Here’s what to expect
Over the years, Shopify Inc. (NYSE: SHOP) has steadily expanded its footprint in the online retail market through constant innovation, like the recent launch of a mobile POS device for
eBay (EBAY): A look at how the ecommerce company fared in Q1 2024
Shares of eBay Inc. (NASDAQ: EBAY) were down over 2% on Thursday. The company reported its earnings results for the first quarter of 2024 a day ago, with revenue and
