JPMorgan Out of World Trade Center Rebuilding
March 18th, 2008

JPMorgan Chase’s plans to build a new skyscraper at Ground Zero in lower Manhattan have reportedly been sidetracked by the debt crisis. Yesterday, JPMorgan moved to purchase the ailing Bear Sterns for $2 a share, and the firm says it will†relocate its employees to the Stearn’s midtown building†rather than constructing a new $2.2 billion building downtown. A JPMorgan spokesman told the Associated Press that the company may still build in lower Manhattan at some point in the future and talks were continuing with the Port Authority.

Goldman Sachs, which is currently building its own skyscraper at the site, also had its share of rough news: the company’s profits are down 53 percent. But the New York Post’s Steve Cuozzo doesnít think JPMorgan’s pullout is all bad for the downtown real estate market or even the Port Authority.

By on March 18, 2008, 3:33 pm
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