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.