JP Morgan Chase May Head Near Ground Zero

2007_04_libertystreet.jpgIn yet another sign that the state and city government want big business at the redeveloping area near the World Trade Center, the NY Times reports that JPMorgan Chase is "in negotiations...to build a 1.3 million-square foot skyscraper." And not only would thousands of employees move from Midtown (277 Park Ave.; the bank would keep 270 Park), the skyscraper would be at 130 Liberty St. - where the toxic Deutsche Building is being dismantled.

Chase wants a hefty incentive package, or subsidy, to build the 50-story tower on the site of the Deutsche Bank building, the officials said. The building would have to cantilever over a planned park along Liberty Street to accommodate large trading floors, and that could stir community opposition.

But officials say the bank has already agreed to pay the Port Authority of New York and New Jersey as much as $300 million for the development rights on the parcel at the corner of Cedar and Greenwich Streets.

Motivations for moving downtown include less expensive rents than Midtown and any attractive deal the city and state can cough up. However, Community Board 1 chairwoman Julie Menin, who hasn't seen the plans, tells the Times, "We have a dearth of open space in Lower Manhattan. Anything that throws shadows is of concern to us.”

And the "Survivors Staircase," the remains of a staircase from the World Trade Center, may be moved to Battery Park City, where a public school was planned to be built. Though the Empire State Development Corporation says they are still considering a number of options, West Street Coalition chair John Dellaporta gave this scathing summation: "No one can believe the site that was going to be a school for the community is going to be a dumping ground for a 175-ton piece of toxic, chemical-strewn debris."

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I read about this this morning, and I have to admit, I love this. Instead of having the space being given over to building another goddamned condo building, the finance community is centering back where it belongs, downtown. It will be tough to fit the building around the parkland, but limitation breeds creativity. I'm looking forward to seeing what they come up with, hopefully it will be a cool building with a trueness of purpose.

This is insane. New York officially gives up all rights to whine about how much money Washington and Albany does or does not send back to us.

How about some "incentives" for me not to take my money and leave? Oh yeah, I don't matter because I'm not a lawyer or banker.

Funny how it would be the old switcheroo.

DB bought JPM's old 60 Wall bldg after they were taken over, I mean merged, with Chase.

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The 'survivor's staircase' just went from revered holy place to a "175-ton piece of toxic, chemical-strewn debris?"

The next time some whining a**hole decides to say anything about Ground Zero being hallowed ground that shouldn't be touched, let's just bring up this little gem.

I'm getting really sick of the tourists at ground zero. They stand around looking dumb, smile and take pictures. It's very macabre. They should put all the touristy stuff underground so that people who work in that area, myself included, don't have to see WTC Disney every day.

shut up, will. I am so sick of people like you that are ignorant elitists. People like you ruin NY. And whenever YOU leave New York I bet people mutter things about how they wish you would go back to wherever you came from. I know that's what I think whenever I read your inane ramblings.

If, in 1955, I was telling people to smile while taking their picture in front of the concentration camp ovens I'd expect the same kind of disdain from the locals. It's not that they are tourists, it's the attraction that they are visiting.

Whatever Will. I live and work in the neighborhood and in my estimation fewer than 5% of the people even take pictures with themselves or their party in the photo. And I have never heard anyone yell out, "Smile!" If you want to pick on someone pick on the vendors making a buck at Ground Zero. Lay off the tourists.

Go away -

I live and work in the neighborhood too and I've seen plenty of smiles and pictures in front of Ground Zero. And it is a little macabre. But in general, I like the tourists and I welcome them here. Life goes on.

Anyway, don't we all act just as badly on vacation? Ever been to "The House Where Lincoln Died" in Washington DC just by Ford's Theater? Now that's pretty macabre.


You may want to check out Gotham Gazette's issue of the week on their website gothamgazette.com. There's an article about JP Morgan's alternatives to moving downtown and other corporate deal-making in the area.

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