JPMorgan buys air rights for new HQ building

Statue Of Liberty

JPMorgan Chase will buy as much as 555,000 square feet (52,000 square meters) of air rights from a landmarked Manhattan church as it prepares to build its new headquarters.

Bloomberg News reports that the bank agreed in March to acquire 50,000 square feet of rights from St. Bartholomew’s Church for about $20.8 million, with an option to acquire as much as 505,000 square feet more for $157.8 million, according to a filing the church made late Wednesday in New York state court.

JPMorgan announced in February it is knocking down its headquarters at 270 Park Ave. and replacing it with a 2.5-million-square-foot skyscraper that could be as much as 500 feet taller. It has until next February to decide if it wants to buy the additional air rights from St. Bart’s. Its agreement with the church was reported earlier by the Real Deal.

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

JPMorgan Buys Air Rights From Midtown Church to Build Its New HQ

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