Morgan Chase’s previous “punching card” building unveiled $ 10,000 rent

(Bloomberg) -The largest office conversion in the United States is a 1,300 apartment carved from a million square feet brick fortress carving, which was originally built to accommodate the computer.

After two years of transformation, the 55 -year -old building in the Manhattan financial district was used to handle the check, bills and other documents of the manufacturer Hannover Trust Fund, and then the background staff of the bank JPMORON Chase & CO. -Infer recognition.

The wide bricks are separated by several windows marked with the facade of 25 Water ST., and have been removed and replaced with windows.

The remaining red -brown brick blocks (carefully selected by primitive designers to match the historical buildings that have been standing nearby) are now white. Two light wells were carved from the floor. The size of these wells exceeded 40,000 square feet (3,716 square meters) and placed ten stories on the top. Inside, 100,000 square feet of convenient facilities including kimchi stadium, swimming pool, gym and spa are dug out of the basement, which used to be a buffet restaurant for bank employees.

This is part of the development of the region for decades. This is due to the popularity of the old and outdated office space due to the popularity of the 19th. The vacancies in the tower position in the area are still the highest in New York, but the apartments and rents filled with some shells have promoted the prosperity of the population, just like anyone else in Manhattan.

Nathan Berman, the founder of Metro LOFT, one of the developers of the project, said in an interview: “There is no place, creating light in nothing places, creating the number of units created. This is just incredible.

The barbaric structure is a narrow illustration window, which is not friendly to place with irregular intervals (a mode that is considered to imitate the IBM punching card). The Architectural Forum wrote in an article about the building in 1970: “Computers cannot be seen from the window,” the building is also known as 4 New York Plaza. The magazine wrote that the air conditioning demand of the machine made the windows “different liabilities”.

The building was easy to make up through a series of banks, and finally formed JP Morgan Chase. The bank sold the building during the financial crisis, but continued to lease it and used it for employees across legal teams and other business to face the role. According to a company spokesman, they were eventually moved to the office of Zhongcheng or Brooklyn, which is a part of JPMORGAN’s efforts to make people closer.

Morgan Chase’s lease is scheduled to expire in 2025. Until the popularity also provided the news editor room for the Daily News, the building was sold to 70 % of the news room again in 2022, leased to the price of US $ 251 million Subway attic, Rockwood Capital and GFP real estate. GFP executes Brian Steinwurtzel that after the popularity, the occupancy rate is about 10 % or less.

“This building must be demolished or transformed into a new life,” said CBRE Group Inc. Executive Vice President, said. “CBRE Group Inc. Executive Vice President. “This building has not been used again.”

Developers lag behind 25 other conversion in the city and obtained a loan of $ 536 million for the acquisition of the building, existing debt and conversion costs. They reached an agreement with Morgan Chase and withdrew from the lease.

Such a tower -from the studio to the three bedrooms, tenants are parking, the tower of the dozens of the roof and the common working space is 1,320 units -can be economically reconstructed economically, especially considering time and time and Steinwurtzel said at time, allowing this. John Cetra, an architect in charge of the project, said the new building was about $ 1,000 per square foot. This will reach about $ 1 billion for buildings at No. 25 of Water Street.

The rent will be 10,000 US dollars from more than $ 3,000 per month to three -bedroom apartments, excluding uninterrupted convenience fees. The monthly rent of high -rise apartments will be rented within a few months, close to $ 12,000. According to Steinwurtzel, a quarter of the apartment planned to be affordable by the housing plan approved by the state approved last year to reduce interest rates in exchange for tax reduction.

There are two neighborhoods from the turret park, the four blocks from the main subway line and the four blocks of the corner of the FDR DRIVE. Three uninterrupted scenery.

The stairs that once occupied the real estate of the valuable corner was moved to the center of the building. CETRA has designed more than 70 different layouts to meet the needs of various renters. They include customized Italian kitchen, washing machine and dryer, sun shadow and high -speed WiFi with panel electrical appliances.

CBRE’s Gerla said: “Everything has a certain value, but the highest value is to convert it into residential buildings.” “It will not survive as before.”

-Fromalie win and Katherine Chiglinsky.

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