JPMorgan looks to build new $6bn HQ in NYC

Woody Allen and Diane Keaton in Manhattan - 1979

JPMorgan Chase is in early negotiations to build a new headquarters complex in the area of New York’s Hudson Yards, the burgeoning district under development on the far west side of Manhattan.

Bloomberg News reports that the largest U.S. bank wants to build two towers totalling 4 million square feet (372,000 square meters), which would cost about $6 billion, a person with knowledge of the discussions said.

The company is in talks with developer Related Cos., New York City and the state for a deal, which could fall apart as the sides negotiate subsidies and costs.

The bank has requested at least $1 billion in property-tax abatements in the form of payments in lieu of taxes, or PILOT, and other subsidies, which city officials have rejected, said Wiley Norvell, a spokesman for Mayor Bill de Blasio. The city already has invested more than $1 billion in the far west side area, where Related is planning a $20 billion development, to make the neighborhood commercially viable, he said.

If the deal goes forward as proposed, the bank probably would sell its 1.3 million-square-foot headquarters building at 270 Park Ave. as well as 383 Madison Ave., a tower completed in 2001 as the headquarters of Bear Stearns Cos., which JPMorgan took over when it bought that firm in 2008, the person said.

Hit the link below to access the complete Bloomberg News article:

JPMorgan in Talks for New $6 Billion NYC Headquarters

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