Remember how JPMorgan Chase wanted to build a massive $6.5 billion campus with square footage equal to two Empire State Buildings over in Hudson Yards? Yeah, they were just kidding about that. The Times is now reporting that the financial giant decided that it wants to stay put. Building a new 62-story and 40-story tower on 33rd Street between Tenth and Eleventh avenuesalso known as 50 and 55 Hudson Yards, two of the Related-developed towers coming to the areawould just be too much effort. Actually, it doesn't seem like Chase really had a choice. Chase didn't meet Related's October 15 deadline to seal the deal, so Related sold a stake in 55 Hudson Yards to a Japanese company. Related instead offered Chase the opportunity to build 50 Hudson Yards and occupy some of 30 Hudson Yards, where Time Warner will be located.
Additionally, the city wasn't too keen on giving Chase $1 billion in tax breaks in the form of a subsidy package, on top of an existing $600 million in property tax breaks. So Chase considered other options, including moving downtown, but they ultimately decided to stay on the East Side.
Renderings have been released for a 51-story tower at 55 Hudson Yards, but not many details have been revealed about no. 50. No. 55 will be designed by Eugene Kohn of Kohn Pedersen Fox and Kevin Roche of Kevin Roche John Dinkeloo and Associates LLC.
· JPMorgan Chase Drops Plan to Build 2 West Side Towers [NYT]
· JPMorgan Chase Wants To Build Two Massive West Side Towers [Curbed]
· 55 Hudson Yards coverage [Curbed]
· 50 Hudson Yards coverage [Curbed]