Posts tagged with "jpmorgan chase":

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Historic midtown N.Y.C. church to transfer air rights to JPMorgan

JPMorgan Chase is one step closer to constructing its new headquarters atop the footprint of the soon-to-be-demolished Union Carbide building in New York City. Since February, the bank has successfully initiated the transfer of development rights from the adjacent Grand Central Terminal and St. Patrick’s Cathedral. On Tuesday, the New York City Landmarks Preservation Commission signaled the third major structure to give over rights in the deal—the 100-year-old St. Bartholomew’s Episcopal Church. The commission voted unanimously to approve a master plan for the restoration and continued maintenance of the historic church, pending the planned transfer of air rights to JPMorgan. Commissioner Michael Goldblum called the decision a “joyous day” for St. Bart’s and acknowledged the success of the many buildings that have begun a revival process due to the deal, some of which would “never have had the ability to raise adequate funds” for themselves. The financial giant has agreed to purchase at least 50,000-square-feet of development rights from St. Bart’s for $20.7 million, which the deteriorating church will use to underwrite countless renovation projects on site. At the end of June, The Real Deal reported that the bank is also considering buying 505,000 square feet of additional development rights for seven times the current price. This is all part of JPMorgan’s plan to secure the initial air rights needed to build out its new, 70-story headquarters at 270 Park Avenue. The tower would replace its current home, formerly known as the Union Carbide building, completed in 1961 and designed by Gordon Bunshaft and Natalie Griffin de Blois of Skidmore, Owings & Merrill. Though it’s not designated as a historic landmark, the building is considered one of New York’s most classic Modernist structures and preservation advocates are criticizing JPMorgan’s attempt to take it down. Under the Midtown East rezoning plan, which passed in August of 2017, the bank is allowed to build a larger office building as long as it contributes to a “public realm improvement fund.” This includes buying the air rights from various neighboring institutions in order to assist them in carrying out their own structural work. Since it received status as a New York City landmark back in 1967, the Byzantine-style St. Bart’s Church is eligible for both the city’s and JPMorgan’s help.  Representatives from the church touted the importance of yesterday’s LPC vote, calling it a transfer that “needs to happen” for the building to continue functioning properly. In addition, the New York Landmarks Conservancy as well as Community Board 5 recommended approval. “The only break in the skyline as you walk along Park Avenue is St. Barts,” said the church’s building committee chairman Peter Sullivan. “This beautiful building gives the eye a much-needed break amidst all the skyscrapers, but any person will tell you it needs a lot of work to fix.”
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Preservation groups protest Union Carbide demolition and appeal for its landmarking

Shortly after JPMorgan Chase announced that they would be demolishing their Midtown Manhattan headquarters at 270 Park Avenue, preservationists, architects and critics railed against the move on social media and through letters to the city. Now, the U.S. and New York/Tri-State chapters of non-profit preservation group Docomomo have teamed up for a joint effort to persuade New York City’s Landmarks Preservation Commission (LPC) to consider protecting the building. In a letter sent to LPC Chair Meenakshi Srinivasan, both groups stressed the importance of the SOM-designed Union Carbide building in the canon of corporate architecture, and the role Natalie de Blois played in its design. Seeking to get ahead of the demolition, the letter states,
“As the agency charged with implementing the Landmarks law, we urge you--as the Chair of the Landmarks Preservation Commission--to immediately calendar 270 Park Avenue for local designation. We appreciate the need to partner and work with other city agencies to advance the goals of the City on behalf of its citizens. However, the goals of one large corporation should not nullify or ignore the public interest, the law or the authority of one agency over another.”
Now that the tower is on the chopping block, calls for the building’s calendaring have intensified, as the New York-based Historic Districts Council has also advocated for the landmarking. It’s important to note that 270 Park Ave. had been identified as a potential landmark by the city once before, in 2013 ahead of the rezoning, and that 12 surrounding buildings were given protection. The city had also seemed on board at the time, saying in the Greater East Midtown Rezoning Final Environmental Impact Statement that, “One of the City’s greatest modern buildings, this 53-story [skyscraper] exudes strength and elegance in its protruding stainless steel mullions and simple but bold façade patterning created by the black matte metal spandrels...The ultimate pin-stripe building.” It remains to be seen whether these letters and lobbying will fall on deaf ears, as Chase is on track to raze the tower early next year, giving it the dubious distinction of being the largest voluntarily demolished building in history.
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Natalie Griffin de Blois’s Union Carbide tower is slated for demolition by Chase

Skidmore, Owings & Merrill’s (SOM) 270 Park Avenue, an international-styled glass-and-steel tower in Midtown Manhattan that Ada Louis Huxtable once described as one of the “sleek and shiny temples” to business, is now scheduled for demolition. As first reported by the New York Times, the building’s current owner, JPMorgan Chase, will be tearing down the 52-story tower for a taller replacement. Completed in 1961, 270 Park Avenue, originally the headquarters for Union Carbide, was designed by SOM partner Natalie Griffin de Blois, one of the few women working in midcentury corporate architecture at the time. The 707-foot-tall, slab-shaped tower holds about 1.5 million usable square feet. Chase has called the tower its headquarters since 1996, but have claimed that with 6,000 employees in a building meant for 3,500, the location is now too small. To that end, the company will be tearing down the Union Carbide Building and replacing it with a new 70-story headquarters that could be up to 500 feet taller than the midcentury icon it would be replacing. The financial giant expects that the new tower will be about 1 million square feet larger than its predecessor, and will eventually house 15,000 employees. The expansion plan is only possible under the recently passed rezoning of Midtown East, which allows developers to build taller and denser in exchange for transportation improvements and buying the air rights of historic buildings (with proceeds going towards a public fund). The New York Times reports that Chase will be buying $40 million of air rights, with the money going towards improving Midtown East’s sidewalks, pedestrian plazas and streets. 270 Park Avenue doesn’t seem long for this world, as Chase wants to begin demolition early next year and have its replacement tower finished by 2024. Employees who currently work in the building will be relocated in the neighboring 390 Madison Avenue, as well as 237, 245 and 277 Park Avenue. The public reaction to the announcement has been pointedly critical, especially as Mayor de Blasio has expressed his satisfaction with the deal. Preservationists took to Twitter to bash Chase for tearing down an original tower in Park Avenue’s valley of international offices, and expressed hope that the building could get in front of the Landmarks Preservation Committee before its demolition. No architect for the replacement tower has been announced yet. AN will provide an update when we have more information on the project.
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Mortgage fraud money to remake historic homes in Chicago’s Pullman area

Illinois Attorney General Lisa Madigan announced Tuesday $1.9 million—most of which comes from the state’s portion of a federal settlement with banks over mortgage fraud—will go to rehab historic homes in Chicago’s Pullman neighborhood. Some $1.5 million of the money comes from a 2014 settlement with mortgage lenders including JPMorgan Chase, Wells Fargo, Citi, Bank of America and Ally over fraudulent behavior they are alleged to have encouraged during the lead-up to the 2008 financial crisis. Most of the money will go toward renovating homes in the Far South Side neighborhood, which was created as a company town for Pullman’s once-ubiquitous traincars. The city will kick in an additional $400,000 to help finance the purchase of rehabbed homes as part of an “affordable historic home revitalization initiative,” according to Mayor Rahm Emanuel’s office. That effort is part of a larger state program to battle blight in communities with lots of vacant and abandoned properties. Pullman has seen new development in recent years, including a contentious Walmart in 2010, and ongoing work from the Historic Pullman Foundation to preserve the neighborhood’s architectural heritage. Local preservationists are even hoping to win National Park status for the neighborhood—the National Park Service said late last year that the district “appears likely to meet the national significance and suitability criteria” for further study.