NEW YORK | 415 Madison Avenue | 605 FT | 40 FLOORS

JPMorgan’s Headquarters Plan Paves Way for Another Manhattan Tower

JPMorgan Chase & Co.’s plan to erect a new Manhattan headquarters is clearing the way for the demolition of a nearby office building that would be replaced by a new tower. Rudin Management Co. has approached city officials about a proposal to tear down 415 Madison Ave., a 24-story office building that is located about 500 feet from JPMorgan’s planned headquarters at 270 Park Ave. , according to people familiar with the matter who asked not to be named because the matter is private.

Rudin would use development rights acquired from JPMorgan to erect a new building that includes pedestrian access to a planned Long Island Rail Road concourse under Grand Central Terminal, public documents show. “We are excited by the opportunity to reimagine 415 Madison Avenue,” Nicholas Martin, a spokesman for the developer, said in a statement.

“Our proposal reflects the goals of the city’s city’s Midtown East rezoning by producing 21st century office space and improving mass transit.” A representative for JPMorgan declined to comment. The Rudin plan, which would replace a building it opened in 1955, grows out of a pair of initiatives poised to reshape a section of midtown Manhattan in coming years. They include the MTA’s effort to connect commuter trains from Long Island to Grand Central Terminal, as well as a 2017 rezoning that allows for the construction of taller buildings in the area.

JPMorgan said last year it would demolish its existing Park Avenue headquarters and replace it with a state-of-the-art skyscraper, using development rights purchased from nearby St. Bartholomew’s Church. JPMorgan later agreed to fund certain improvements to Grand Central Terminal after city officials called on the firm to shoulder more costs associated with it its expanding footprint in the neighborhood. As part of the Rudin plan, JPMorgan agreed to transfer air rights and pay $35 million to the developer, according to a public document. JPMorgan, which is splitting some construction costs with the MTA, will receive $45 million from the authority to reimburse it for the cash payment and air rights passed to Rudin. The deal is “a substantial step forward” toward improving access to midtown Manhattan for Long Island commuters, said Aaron Donovan, a spokesman for the MTA.

As part of the Rudin plan, JPMorgan agreed to transfer air rights and pay $35 million to the developer, according to a public document. JPMorgan, which is splitting some construction costs with the MTA, will receive $45 million from the authority to reimburse it for the cash payment and air rights passed to Rudin. The deal is “a substantial step forward” toward improving access to midtown Manhattan

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Another one bites the dust

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Hopefully, the developer will acquire this garbage too. It’s worse than 415 Madison.

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If they get that one, they may opt to go for a chunkier building though…

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This site is minuscule. Even if Rudin gets the adjacent buildings on Madison, the site is hemmed in by the adjacent buildings to the east on Park. Compare this site to the Bear Stearns Tower and to 270 Park.

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This will be a 605 ft SOM-designed tower.












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Tried to recreate it in Minecraft








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It’s a shame. That the adjacent buildings aren’t coming down.

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They’re disgusting.

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That older building looks kinda cool, just could use some TLC to make it look better. The other 2 modern towers look horrible and I hope they’re the victims of another supertall plan soon.

The older one seems to tell a story, it seems like they probably acquired all of the block except a corner building and built it anyways, then probably acquired the corner after WW2 and modernized the base/ extended it over the corner lot since that’s what they did often back then.

Edit: looks like I was right, that corner lot used to be an awkward tenement and the original podium was a lot more neat looking.
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11.29.21

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https://newyorkyimby.com/2021/12/demolition-prep-underway-for-415-madison-avenue-in-midtown-east-manhattan.html

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While I’m elated that this PoS is coming down, it’s a travesty per se that the the bit of Gahenna next door isn’t also coming down.

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“Mr. Gorbachev: ‘Take down this [garbage]!’”

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Hang on…this is also a JP Morgan tower? Why didn’t they just purchase the air rights from this building to make 270 Park more massive?

It is the otherway around, JPMorgan transfered air rights to Rudin Co from their 270 site to 415 Madison Ave, otherwise, it is not connected to the 270 PA project or JPMorgan.

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I’m not aware that JPMC had anything to do with this tower. It’s Rudin’s project. I believe that JPMC bought the old Bank of China building across from this though.

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YIMBY rules! He’s the BBC of skyscraper news.

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