The City Council voted yesterday to pass a rezoning that will allow JP Morgan Chase to construct its new headquarters at 270 Park Avenue, CO reported. Under the terms of the agreement, the bank will build 10,000 square feet of public open space on Madison Avenue and create more than 35,000 square feet of pedestrian and transit upgrades.
Plans: Chase has already begun demolishing its property at 270 Park Avenue, and plans to start construction on the office tower that will house 15,000 employees in 2021. Upon completion, the tower will stand 1,400 feet, rise 70 stories, and span 2.5 million square feet.
Flashback JPMorgan paid $208 million for 666,766 SF of development rights from TF Cornerstone + MSD Capital (Grand Central’s owners) last December.
Midtown East Rezoning Review: Buildings with landmark status may sell their unused development rights anywhere in the district. On such sales, the city will collect either $61.49 per square foot or 20 percent of the total cost of the air rights, whichever is higher. The money will fund pedestrian and transit improvements in Midtown East.