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JPMorgan Buys Air Rights From Midtown Church to Build Its New HQ

Michelle Davis
JPMorgan Buys Air Rights From Midtown Church to Build Its New HQ

JPMorgan Chase & Co. will buy as much as 555,000 square feet (52,000 square meters) of air rights from a landmarked Manhattan church as it prepares to build its new headquarters. The bank agreed in March to acquire 50,000 square feet of rights from St. Bartholomew’s Church for about $20.8 million, with an option to acquire as much as 505,000 square feet more for $157.8 million, according to a filing the church made late Wednesday in New York state court. JPMorgan announced in February it is knocking down its headquarters at 270 Park Ave. and replacing it with a 2.5-million-square-foot skyscraper that could be as much as 500 feet taller.