JPMorgan Chase's planned 42-story tower on the south side of the World Trade Center lost the beer gut design a little while back, but we may never get to see the slimmed-down version. Now that JPMorgan has purchased Bear Stearns for $24 worth of trinkets, the firm may move its investment bankers to Bear Stearns' 383 Madison Avenue headquarters, the Post's Steve Cuozzo reports. Thus, it is unlikely that JPMorgan would build 5 World Trade Center, a construction effort that would cost the company over a billion dollars in these credit-crunched times. JPMorgan is supposed to pay the Port Authority $300 million to lease the Liberty Street land, where the partially-demolished Deutsche Bank building now stands, but no deal has been signed. A canceled 5 WTC would be a catastrophic blow to corporate confidence in the rebuilding of Ground Zero?or would it? The Cuozz points to Goldman Sachs' even larger new building nearby, and at least one analyst thinks a hotel or mixed-use project is a better use of the JPMorgan site. Well, with all the construction next door, at least the wake-up call service would be reliable.
· Deal's Downtown Domino [NYP]
· Report: Chase's Tower of Darkness Losing the Gut [Curbed]
· Chase's Tower of Darkness May Lighten Up [Curbed]