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NYC’s Secret Weapon to Keep Finance Elite Is Park Avenue Revamp
Posted
October 29, 2022
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2:02Now PlayingWhen legendary architect Norman Foster agreed to design a glistening full-block building on New York’s Park Avenue in 2012, the city was still bouncing back from the financial crisis—a seemingly existential threat at the time.
Some six years later, as Wall Street returned to delivering record profits, JPMorgan Chase & Co. unveiled plans for a new headquarters on Manhattan’s boulevard of capital. There again was Foster + Partners, tasked with creating a 2.5 million-square-foot tower.
Foster, now 87, had no idea at the time, but these two buildings are shaping up to be New York’s best rejoinder to post-pandemic fears about the staying power of remote work, a mass exodus to South Florida, and—crucially—that the global capital of high finance has lost its luster.
Citadel, whose move to Miami sent shock waves across Wall Street, already has 100 employees working at 425 Park Ave., which formally opens Wednesday, and expects 1,000 to be settled in by summer next year. At JPMorgan’s 270 Park Ave., welding sparks fly as construction continues on a structure that will double the number of workers on that block. In between, lunch lines run 30 people deep at food carts; a new Aston Martin showroom is on the way.
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