The incredible £2.5bn new skyscraper that’s 100m taller than the Shard | World | News

Financial giant, JPMorgan Chase has a brand new skyscraper being built in the middle of New York City.

270 Park Avenue, also known as the JPMorgan Chase Building is located on the East Side of the Midtown neighbourhood of Manhattan. The incredible tower is expected to rise up to 423 metres when completed this year.

Construction of the new development started in 2021, as a replacement of the 52-story Union Carbide Building that was built in 1960 and demolished in 2021.

Currently, the financial services firm is using 383 Madison Avenue, another skyscrapper, as its headquarters before it transfers over to 270 Park Avenue.

The B1M reported that the incredible build designed by architects Foster + Partners costs a whopping $3 billion, equivalent to around £2.5 billion.

While the building will only be the sixth tallest in New York City, it will stand over 100 metres higher than the UK’s tallest building. The Shard in London stands at a height of 309.6 metres, and at one point was the tallest skyscraper in Europe.

New York City boasts a number of giant skyscrapers that including the One World Trade Center, which is tallest measuring at a a staggering height of 546 metres to the tip.

However, JPMorgan’s new building will certainly draw attention as it will occupy the entire block bounded by Madison Avenue to the west, 48th Street to the north, Park Avenue to the east and 47th Street to the south. The entire area measures around 7,400 square metres.

Designed to accomodate 15,000 employees, it will features a food hall, penthouse conference centre, fitness centre and large spaces that will be illuminated by natural lights.

When constructing the building, 97% of the materials used are from the old building and are being creatively reused, recycled or otherwise diverted from landfills.

New York Yimby reported that the project is expected to create more than 8,000 by the end of construction, spanning 40 locals unions and producing $2.6 billion (over £2 billion) of economic activity for New York City. JPMorgan Chase is expected to contribute $29.8 billion (approx. (£24 billion) annually to the city’s economy and create an additional 40,000 jobs across local industries.