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Old October 29th, 2014, 07:33 PM   #361
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That's entirely possible. It sounds like striking a deal with Related was the primary problem.

I get the impression, moreover , that Related envisions a massive amount of retail at the base of 50 HY, which will generate a lot of cash and will be a selling point for the condos that it will market. Having "dead space" filled with 6 stories of trading floors was probably not in its interest.
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Old October 29th, 2014, 07:41 PM   #362
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One would think, however, that a big retail base would be a turn-off for potential owners.

Nobody wants to live above a shopping mall.
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Old October 29th, 2014, 07:47 PM   #363
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Quote:
Originally Posted by LondoniumLex View Post
That's entirely possible. It sounds like striking a deal with Related was the primary problem.

I get the impression, moreover , that Related envisions a massive amount of retail at the base of 50 HY, which will generate a lot of cash and will be a selling point for the condos that it will market. Having "dead space" filled with 6 stories of trading floors was probably not in its interest.
So you think JPMC will keep looking? The article stated they were staying put.
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Old October 29th, 2014, 07:48 PM   #364
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Was JPMORGAN looking to build the towers with related or did they want to buy the site from related and bring in their own team to build the towers? To be honest as much as I wanted to see this building or something else built here I am glad JPMORGAN did not get the extra tax breaks as that would have been a slap in the face to the working man.


Off note...which site is the McDonald's on or is it not even if the planning stage?
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Old October 29th, 2014, 07:58 PM   #365
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Was JPMORGAN looking to build the towers with related or did they want to buy the site from related and bring in their own team to build the towers? To be honest as much as I wanted to see this building or something else built here I am glad JPMORGAN did not get the extra tax breaks as that would have been a slap in the face to the working man. Off note...which site is the McDonald's on or is it not even if the planning stage?
If they bought the sites it was my impression they want Related out of the picture thus a totally different architects and design.

In a way I'm relieved, because I like the current design on how it's integrated with the overall Hudson Yards plan.

JPMC does state they are staying in midtown, but still believe it's possible they may move to a newer development and consolidate. My hope 2 WTC would be a lead candidate if they do indeed to move in the future should Silverstein becomes more flexible with his expectations.
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Old October 29th, 2014, 08:01 PM   #366
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Quote:
Originally Posted by LondoniumLex View Post
That's entirely possible. It sounds like striking a deal with Related was the primary problem. I get the impression, moreover , that Related envisions a massive amount of retail at the base of 50 HY, which will generate a lot of cash and will be a selling point for the condos that it will market. Having "dead space" filled with 6 stories of trading floors was probably not in its interest.
I agree. Related vision for this neighborhood is for a true mixed use hood. After all, they will be building a ton of residential's and more retail is a selling point. Residential is where Related would make a $$ killing.
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Old October 29th, 2014, 08:36 PM   #367
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JPMC owns its towers on Madison and on Park.

I doubt that it will remain there too long.

Tishman's Spire is another possibility.
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Old October 29th, 2014, 08:55 PM   #368
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Yea, especially Chase has said their current trading floors is just not doing it for them. Dimon is lusting for hi tech space with modern amenities.
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Old October 29th, 2014, 09:01 PM   #369
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Chase already burned London by scrapping their Riverside South towers so this news is anything but unexpected. These guys don't build anything, they maintain legacy buildings from previous acquisitions.
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Old October 29th, 2014, 09:11 PM   #370
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London isn't JPMCs HQ.

Also, London's future as a global financial hub is unclear unless it leaves the EU, which is a long shot. Thus, it does not warrant a huge investment.

Last edited by LondoniumLex; October 29th, 2014 at 11:45 PM.
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Old October 29th, 2014, 11:12 PM   #371
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Quote:
Originally Posted by SomeKindOfBug View Post
One would think, however, that a big retail base would be a turn-off for potential owners.

Nobody wants to live above a shopping mall.
I really don't see the problem with living above the retail base. It would be probably enclosed and you would be far above it with no interaction. I'm sure you wouldn't notice it unless you wanted to. Also, I'm sure many people would love the convenience of living above a shopping mall. So, before making a sweeping statement like that it would be best to think about the different preferences of different demographic groups.

Last edited by City-of-Platinum; October 29th, 2014 at 11:19 PM.
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Old October 29th, 2014, 11:29 PM   #372
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http://therealdeal.com/blog/2014/10/...hudson-square/

Quote:
It’s also reportedly on the prowl for a large New York headquarters, possibly on Manhattan’s Far West Side.
Perhaps Salesforce could anchor this tower or 55. Or 3 Hudson or the Spire?
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Old October 29th, 2014, 11:43 PM   #373
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Quote:
Originally Posted by SomeKindOfBug View Post
One would think, however, that a big retail base would be a turn-off for potential owners.

Nobody wants to live above a shopping mall.
I'm talking about retail at the base of 50 HY. The condos will be south of there.
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Old October 30th, 2014, 04:53 AM   #374
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One would think, however, that a big retail base would be a turn-off for potential owners.

Nobody wants to live above a shopping mall.
The success of the Time Warner Center certainly says otherwise.
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Old October 30th, 2014, 09:17 PM   #375
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NYC’s Park Avenue Avoids Blow as JPMorgan Chooses to Stay
http://www.bloomberg.com/news/2014-1...s-to-stay.html

Quote:
As for Related Cos., principal developer of the Hudson Yards area, Cohen said the company is probably better off without the bank. Finding several smaller tenants would yield more revenue than a single user, he said. JPMorgan had proposed taking about 4 million square feet (372,000 square meters) at the $20 billion project.

It’s unlikely that Related Chairman Stephen Ross has any regrets, Cohen said in a telephone interview. “He already has tremendous momentum over there.”
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Old November 1st, 2014, 07:47 PM   #376
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Nice
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Old November 1st, 2014, 07:51 PM   #377
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Quote:
Originally Posted by The Lion View Post
http://therealdeal.com/blog/2014/10/...hudson-square/



Perhaps Salesforce could anchor this tower or 55. Or 3 Hudson or the Spire?
They have a voracious appetite for office space and as proven in London and San Francisco, aren't afraid to pay market rents on premium Class A. But those same eyewatering lease obligations may slow them down coming into NYC.
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Old November 1st, 2014, 07:54 PM   #378
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Quote:
Originally Posted by Vertical_Gotham View Post
NYC’s Park Avenue Avoids Blow as JPMorgan Chooses to Stay
http://www.bloomberg.com/news/2014-1...s-to-stay.html
de Blasio mumbled the usual defiant crap about sinking the deal. He's quickly becoming the François Hollande of New York...
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Old November 1st, 2014, 08:37 PM   #379
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de Blasio mumbled the usual defiant crap about sinking the deal. He's quickly becoming the François Hollande of New York...
He's left of Hollande.

That being said, Related killed the deal -- not Billy the Kid.

I'm fine with it. JPMC owns their buildings. It's not like they signed new leases after the HY deal failed. This, it's a matter of time before they anchor new towers. Their current HQ is an old tower that does not suit their needs.
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Old November 1st, 2014, 08:48 PM   #380
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