Following Rezoning, JPMorgan to Build New Manhattan Headquarters
JPMorgan Chase is preparing to demolish its previous headquarters and build a new skyscraper in its place. While waiting for city approval on the expected 5-year construction plan, JPMorgan is planning to relocate current operations to nearby buildings in Manhattan. Details on costs aren’t being made public, but nearby buildings of similar scale top $3 billion.
The announcement marks the first significant construction process to begin after recent rezoning efforts meant to revitalize midtown Manhattan. The new zoning rules gives private builders the ability to purchase development rights from public property and so build ever taller buildings. All proceeds from said sales go toward transportation and infrastructure efforts.
Manhattan’s density of development makes air rights a tense challenge for developers. Past projects have spent hundreds of millions on securing air rights alone. JPMorgan’s new 70 story headquarters have yet to break ground, but the costs are already climbing.
Legacy Payment Companies Embrace Blockchain Solutions. Their Infrastructure is Still “Fundamentally Not Aligned” with Web3 Payments.
Legacy payment companies are finally embracing blockchain solutions at scale, though still behind compared to the innovation that young fintech companies are bringing to the next generation of payment solutions. Regardless, this embrace is taking many shapes, and it’s still not a guarantee that they’re up to the task. In the last year, Visa […]
The Importance of Legal Counsel to Major League Organizations
Live sporting events continue to be at the forefront of entertainment in America year after year. Between enthused fans, good food and drinks, and anticipation for record-breaking moments, the ambiance of a stadium on a game day is unmatched. However, behind the scenes of our beloved stadiums and sports traditions lies term sheets and contracts […]
The Divergence Between Stocks and Bonds & Emerging Market Trends
As the world of investing continues to evolve, it’s crucial for industry leaders to keep pace with the shifting landscape. One particular topic gaining traction is the divergence between stocks and bonds – an economic paradox affecting portfolios worldwide. Recent data shows that traditional investment strategies, like the 60-40 portfolio (60% in stocks and 40% […]