JPMorgan buys 667K sf of air rights from Grand Central for 270 Park

JPMorgan Chase just purchased nearly 700,000 square feet of air rights from Grand Central Terminal for its planned tower at 270 Park Avenue. The bank bought 666,766 square feet of development rights, 1,234 square feet less than what was expected based on the company’s application to the city in September. JPMorgan paid $208 million to Grand Central’s owners, TF Cornerstone and MSD Capital, according to documents filed on Thursday with the city’s Department of Finance. […]

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