May 9, 2019 Comments (0) Views: 216 New York News, Top New York

City Council Okays JP Morgan’s Plan for 270 Park HQ

The City Council has approved JP Morgan Chase’s revised plans to tear down its global headquarters at 270 Park Ave. and replace it with a supertall tower that could reach 1,500 feet in height. The project becomes the first to be approved under the city’s 2017 rezoning of Midtown East.

“This development sets a precedent for what is possible for Midtown,” said City Council Member Keith Powers, who led negotiations for improvements to the 270 Park site.

“The project fulfills the intention of the rezoning with more jobs and neighborhood improvements,” he added. “I am hopeful others will use this as an example to bring substantial public impact.”

Among other revisions, JP Morgan agreed to increase the site’s public open space from 7,000 to 10,000 square feet. Demolition of the existing building has gotten underway, and construction of the new building is projected to begin in January 2021.

Read more at NY City Council

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