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 willrelocate its employees to the Stearn’s midtown buildingrather 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 doesnt 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
In category: Land Use | Comments Off on JPMorgan Out of World Trade Center Rebuilding

| More

RSS Feed RSS Feed

Comments are closed.

Gotham Gazette the Place for Politics and Policy

Gotham Gazette is published by Citizens Union Foundation and is made possible by support from the Robert Sterling Clark Foundation, the John S. and James L. Knight Foundation, the Altman Foundation,the Fund for the City of New York and donors to Citizens Union Foundation. Please consider supporting Citizens Union Foundation's public education programs. Critical early support to Gotham Gazette was provided by the Charles H. Revson Foundation, Rockefeller Brothers Fund and the Alfred P. Sloan Foundation.

RSS Feed