JPMorgan Chase

JPMorgan Chase

Anchor Tenant is Credit Crunch Casualty at SJP Properties' LEED Gold Hopeful 11 Times Square

Tue

Sep

The New York Observer today confirmed a story that first appeared in Real Estate Weekly a couple of weeks ago (which we noted here at gbNYC) regarding the French bank Natixis, which has been on the hunt for office space in Manhattan since earlier this year. It appears that the bank is close to inking a deal to sublease 270,000 square feet at 277 Park Avenue from JPMorgan Chase, which is moving into the former headquarters of Bear Stearns at 383 Madison Avenue. The deal would be a major blow for SJP Properties, which is still without an anchor tenant for its speculative, LEED Gold hopeful 11 Times Square that continues to rise along Eighth Avenue. The firm had held its asking rents steady in the $100 per square foot range, though the recent flood of Class A space that has become available from financial services tenants looking to downsize may force it to reassess its position, as Natixis will pay around $80 per square foot for its space at 277 Park.

Requiem for Beer Belly Building, ReBuilders Source in Bronx, & LEED Projects in Philly & New Canaan

Sun

May

by Stephen Del Percio

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Bronx-based materials supplier ReBuilders Source collects construction debris that might otherwise wind up in local landfills
Designed by Philly-based Alesker & Dundon Architecture LLC, $300 million, 45-story Trump Tower Philadelphia to seek LEED Silver rating
Increasing numbers of New Yorkers are falling behind on their energy bill payments
JPMorgan’s plans for Beer Belly Building headquarters at Ground Zero appear to be dead; bank is expected to move operations into Bear Stearns Building at 383 Madison Avenue in Midtown
Stevens Building at New Canaan Country School in Connecticut
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Green Retrofits Pending for Long Island City’s Standard Motors Building

Tue

Apr

by Stephen Del Percio

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The 300,000-square-foot, six-story Standard Motors Building at 37-18 Northern Boulevard in Long Island City will soon be transformed into a $40.6 million mixed-use, commercial loft development that will also offer ground-floor retail space. Purchased by a JPMorgan Chase-backed pension fund, the project has been in the works for some time. Standard Motors Products, which has outsourced much of its manufacturing operations from the site, wanted to sell the building for the highest possible price, but also lease back 60,000 square feet and retain control over the incoming tenants. Greiner-Maltz handled the sale and negotiated with over 15 bidders. John Maltz told GlobeSt.com that the JPMorgan bid was "the most qualified financially, and we felt that they were the most qualified to fulfill their promise and select the right tenants."

David & Joyce Dinkins Gardens: First Green Exclusively Affordable Housing Development in Harlem

Tue

Apr

by Stephen Del Percio

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On Monday, Jonathan Rose Companies and the Harlem Congregations for Community Improvement (“HCCI”), co-developers of David & Joyce Dinkins Gardens, opened the $19.5 million, 85-unit green building at 263 West 153rd Street, just across the Harlem River from Yankee Stadium between Frederick Douglass Boulevard and Macomb Place. The project is named for former New York City Mayor David Dinkins and his wife- Mr. Dinkins is the only African-American to serve as mayor in Gotham’s history- and the development is part of Mayor Bloomberg’s plan to build 165,000 units of affordable housing for 500,000 New Yorkers over the next ten years.

Green Building in Crisis? Bear Stearns Meltdown May Drown Beer Belly Building

Tue

Mar

by Stephen Del Percio

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Late yesterday, Crain’s reported that JPMorgan Chase will move its investment banking operations into the former offices of Bear Stearns on Madison Avenue at 47th Street in Midtown, which JPMorgan purchased on Monday in the aftermath of Bear’s meltdown last week. The decision places the proposed LEED Platinum Beer Belly Building project at 5 World Trade Center in jeopardy- if not completely shelving it- though according to a spokesman the bank is still considering its options in connection with the site. Crain’s also reports that JPMorgan will continue negotiating with the Port Authority about building at 5 WTC, but the same spokesman “couldn’t say what might be built . . .