Contact Us
News

JPMorgan Abandons Hudson Yards, Twitter Responds

National
JPMorgan Abandons Hudson Yards, Twitter Responds

This week's banner commercial real estate news headline is JPMorgan's announcement that it's scrapping plans for a new $6.5 billion HQ on Manhattan's Far West Side. The failed negotiation deals a rare blow to the Hudson Yards development's pride—it's perennially dubbed the city's next great frontier—by depriving it of what would have been one of the all-time biggest single-tenant moves. 

America's largest bank will now stay put in Midtown East. West side hurdles included a newly progressive City Hall's reluctance to give JPM a whopping $1B in tax breaks, a breakdown in talks with Hudson Yards developer Related Companies and, per a New York Times source, fear of increased scrutiny from DC watchdogs

Urban planners and other commentators mined the story for other meanings: 

City Council Member Dan Garodnick (@dangarodnick) took JP Morgan staying at 270 Park (picrtured above) and 383 Madison Aves as a boon to Midtown East's proposed rezoning: 

Stu Loeser (@stuloeser), a former spokesman for Michael Bloomberg, found cause to cheer on the ex-mayor: 

The think tank City for Urban Future (@nycfuture) supported the de Blasio administration saying no to incentives:

...so did Guardian journalist Sarah Jaffe (@sarahljaffe):

Journalist David Dayen (@ddayen) of Slate and Salon used stronger language, tweeting: 

and: