Quote:
Originally Posted by suburbanite
Wow I'm behind the times. I had no idea 270 Park was demolished for redevelopment. Does J.P. Morgan own the existing building though? Would be a bit different than an institutional owner buying a building, evicting the current tenants, and re-leasing the entirety of the space 4 years later. A lot more risk involved than a company personally developing their own consolidated office space. J.P. Morgan may be willing to pay a premium for that benefit regardless of whether it would be a profitable endeavor for a third-party.
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Yeah they own the site. Was their HQ for a while now, and now its being demolished. Largest skyscraper ever to be demolished. Employees were relocated throughout Manhattan and Brooklyn.
They have the deep pockets for it. Should be ready by 2024/2025. Its 100% happening.
Here was the demo as of last month. Tower with all of the lighting in the back.
270 Park Demo - 12-28-2019 by
Christopher Estevez, on Flickr