JPMorgan & Chase Park Avenue Headquarters Demolition and What Comes After

Earlier this year, it was announced that JPMorgan & Chase would be taking on the single largest voluntary demolition in New York City’s history at its Park Avenue headquarters. At 52 stories and making up 1.5 million square feet, the lot on which the skyscraper’s remains stand will not stay empty for long. The plan, as proposed in recent months, is to build a new headquarters that stands even taller. Of course, there is still much to be done in dismantling a structure that owns its own piece of the sky. 

How Far Along is the Demolition? 

“Dismantle” is a key word in discussing this initial project. “Deconstruction” is another one, because while it’s easy to think of demolition in terms of explosives and other similar means—not tools that are easy to apply in what is the most crowded office district in the city. 

The project will take place in phases. By mid-summer demolition had reached the second stage, enclosure, and is steadily progressing. 

What Are the Plans for the New Headquarters?

JPMorgan & Chase’s new Park Avenue headquarters is still a distant vision that will not be realized until demolition is complete. As a result, details on the future structure are few, but they include that:

  • The new building will come from designers Foster + Partners.
  • It is projected to stretch from the previous 52 stories to 70, adding a whopping one million square feet to what existed on its original blueprint. 
  • The expansive office spaces will also include a 10,000 square foot, privately-owned “public space” as well as improvements to local transit and pedestrian spaces. 
  • The new building will house offices as well as upgrades to local transit terminals and the street around it.

This project is one of the first to take full advantage of local rezoning laws that came into place in 2017, which will allow the new headquarters to use higher square footage than was allowed previously. 

 

 

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