Categories Finance

A new home for JPMorgan Chase

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.

Current HQ | Courtesy: Photo by official-ly cool as part of the Commons:Wikipedia Takes Manhattan project

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

KB Home (KBH): What did and did not work for the homebuilder in the third quarter

Shares of KB Home (NYSE: KBH) were up slightly on Friday. The stock has dropped 40% year-to-date and 35% over the past 12 months. The company delivered mixed results for

Infographic: A snapshot of Costco’s (COST) Q4 2022 earnings

Warehouse behemoth Costco Wholesale Corporation (NASDAQ: COST) has reported a 15% increase in fourth-quarter 2022 revenues, which translated into double-digit growth in net income. Fourth-quarter revenues increased sharply to $72.09 billion.

FDX Earnings: FedEx Q1 adjusted earnings drop; revenue up 5%

Cargo giant FedEx Corporation (NYSE: FDX) Thursday reported a decline in first-quarter adjusted earnings, despite an increase in revenues. The company also provided guidance for fiscal 2023. Net income, adjusted

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top