JP Morgan Chase Closes on 410 Madison Avenue For $115M
It was more than a year in coming, but JP Morgan Chase closed on its closely-watched $115 million purchase of 410 Madison Avenue from Bank of China, according to just-posted city property sale data.
The negotiations were first reported back in March of 2019, but there’s been radio silence ever since. There was speculation that Chase might change its mind due to the coronavirus crisis. But in fact, it paid slightly more than the $100 million the Chinese bank was asking at the time.
The seven-story, 57,000 square-foot red-brick structure at East 49th Street could be redeveloped up to over 100,000 square feet under the recent East Midtown rezoning.
Both giant banks are undergoing major occupancy transitions. Bank of China moved to a new tower at 7 Bryant Park a few years ago, while JP Morgan Chase is shuffling staff as it redevelops a new tower to replace its old one at 270 Park Avenue.
Chase began moving employees into 410 Madison even before the sale was completed, sources said.
While a $115 million sale isn’t in the league of pre-COVID transactions of up to $1 billion, the deal is an affirmation of at least some energy in the pandemic-paralyzed investment-sale market. It will also bring more than $3.7 million in combined real property transfer and real estate transfer taxes to depleted city coffers, according to city Finance Department records.