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New Owner Plans Big Changes for Chase Manhattan Plaza

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Chinese investment company Fosun International Ltd., which purchased One Chase Manhattan Plaza from JP Morgan Chase for $725 million in December of 2013, is planning big changes for the landmarked tower. There will be no residential conversion, as previously speculated, but Fosun is planning to put another $100 million to $200 million into upgrading the building's elevators and heating and cooling systems, revamping the public plaza, quadrupling the retail space to 200,000 square feet, and creating a club/lounge on the top floor. The name of the building will also be changed to 28 Liberty, in reference to the street it's on and the Chinese numbers that represent "double prosperity." The specifics of the changes will soon come to light, whenever they are presented to the Landmarks Preservation Commission.
· Downtown Tower Gets a Symbolic New Name [WSJ]
· Chase Manhattan Plaza coverage [Curbed]