Wikipedia

277 Park Avenue

277 Park Avenue is an office building in the Midtown Manhattan neighborhood of New York City. It stands on the east side of Park Avenue between East 47th and 48th Streets, and is 687 feet (209 m) tall, with 50 floors.[2] It is tied with two other buildings, 55 Water Street and 5 Beekman Street, as the 73rd tallest building in New York. The building is assigned its own ZIP Code, 10172; it was one of 41 buildings in Manhattan that had their own ZIP Codes as of 2019.[3]

277 Park Avenue
277 Park Avenue
Map
General information
StatusCompleted
TypeOffice
Architectural styleInternational
Location277 Park Avenue, Manhattan, New York City, New York
Coordinates40°45′20″N 73°58′31″W / 40.755515°N 73.975153°W / 40.755515; -73.975153
Construction started1962
Completed1964
OpeningJuly 13, 1964
OwnerStahl Organization
ManagementStahl Organization
Height
Roof687 ft (209 m)
Technical details
Floor count50
Floor area1,767,499 sq ft (164,206.0 m2)[1]
Design and construction
Architect(s)Emery Roth & Sons
DeveloperStanley Stahl

History

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The site was among the landholdings of Elizabeth Goelet Kip and her son George Goelet Kip.[4] In the 1870s, as part of the expansion of nearby Grand Central Depot, the land was subject to a protracted legal battle which resulted in Elizabeth Kip being forced by eminent domain to sell the land to the New York and Harlem Railroad for $212,500.[5][6] An apartment building designed by McKim, Mead, and White then occupied the site.[7] One tenant of that building was the presidential campaign of John F. Kennedy.[8] The current office building opened on July 13, 1964.[9]

In 2014, the building's owner, the Stahl Organization, received a $1 billion mortgage loan for the building.[10] Stahl began renovating the building in 2022 for $120 million.[11][12] The Park Ave Kitchen restaurant, operated by David Burke, opened in the building as part of the renovation.[13][14] The Stahl Organization refinanced the building for $750 million in 2024, putting up $250 million in exchange for a loan from a Deutsche Bank subsidiary.[11][15]

Tenants

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The building currently houses parts of JPMorgan Chase's Investment Bank, Commercial Bank, and other corporate functions. JP Morgan's takeover of Bear Stearns in 2008 resulted in most investment banking employees moving to 383 Madison Avenue to reduce the leased real estate footprint in Midtown. 277 Park Avenue remains under the ownership of the family-owned Stahl Organization, the building's original developer.[16] Previous tenants have included Penthouse Magazine, Schlumberger, Donaldson, Lufkin & Jenrette,[17] and Chemical Bank (predecessor to JPMorgan Chase).

List of tenants

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See also

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References

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  1. ^ "277 Park Avenue". Skyscraper Center. CTBUH. Retrieved September 14, 2017.
  2. ^ "277 Park Avenue". aviewoncities.com. Archived from the original on October 18, 2014. Retrieved March 13, 2010.
  3. ^ Brown, Nicole (March 18, 2019). "Why do some buildings have their own ZIP codes? NYCurious". amNewYork. Retrieved July 8, 2022.
  4. ^ "Kip Heirs Sue on Realty" (PDF). The New York Times. August 16, 1929. Retrieved December 6, 2018.
  5. ^ Appeals, Court of (1870). "New York and Harlem Railroad vs. Elbert S. Kip and Elizabeth Kip". books.google.com. Retrieved December 6, 2018.
  6. ^ "The Value of a Block" (PDF). The New York Times. January 14, 1880. Retrieved December 6, 2018.
  7. ^ Gray, Christopher (March 17, 1991). "A Vanished Circular Driveway, an Old Brochure". The New York Times. Retrieved March 13, 2010.
  8. ^ John F Kennedy campaign The Daily What
  9. ^ "Chemical Bank Opens Doors of Tower on Park Avenue". The New York Times. July 13, 1964. Retrieved March 13, 2010.
  10. ^ Engquist, Erik (August 20, 2024). "Sunken costs fallacy: Lessons from 277 Park Ave". The Real Deal. Retrieved August 20, 2024.
  11. ^ a b Walter-Warner, Holden (August 19, 2024). "Stahl closes on painful, $750M refi of 277 Park". The Real Deal. Retrieved August 20, 2024.
  12. ^ Cuozzo, Steve (October 30, 2022). "Park Avenue office tower's $120 million upgrade helps land new leases". New York Post. Retrieved August 20, 2024.
  13. ^ McCart, Melissa (December 7, 2023). "A Restaurant Opens in Midtown With Swinging Tomahawks and Flaming Bacon". Eater NY. Retrieved August 20, 2024.
  14. ^ "Cauldwell Wingate builds new David Burke restaurant, makes back-to-the-office more enticing". Crain's New York Business. December 1, 2023. Retrieved August 20, 2024.
  15. ^ Elstein, Aaron (July 1, 2024). "Owner kicks in $250M to secure new loan for Park Avenue office tower". Crain's New York Business. Retrieved August 20, 2024.
  16. ^ "Stanley Stahl, a Bank Owner And Real Estate Investor, 75". The New York Times. August 6, 1999. Retrieved July 17, 2014.
  17. ^ Bagli, Charles V. (December 2, 2000). "Chase Says It Has Deal for Park Avenue Spot". The New York Times. Retrieved March 13, 2010.
  18. ^ "Home". Academy Securities.
  19. ^ "Contact Us_Agricultural Bank of China(US)". www.us.abchina.com.
  20. ^ "ANZ USA". www.institutional.anz.com.
  21. ^ "Bank of India-USA". www.boiusa.com.
  22. ^ "Contact | Bregal Investments". www.bregal.com.
  23. ^ "Bregal Partners | Contact".
  24. ^ "Bregal Sagemount | Contact". sagemount.com.
  25. ^ "Homepage - CCMP Capital Advisors, LP". CCMP Capital Advisors, LP.
  26. ^ "Leases Pending for Part of Midtown's Biggest Sublease Space". The New York Observer. October 6, 2009.
  27. ^ "The Hartford takes two floors at 277 Park Avenue". Archived from the original on February 2, 2017. Retrieved October 7, 2012.
  28. ^ "Ladenburg Thalmann & Co. Inc. :: Ladenburg Thalmann Financial Services Inc. (LTSA)". www.ladenburg.com.
  29. ^ "M&T Bank moves to Stahl's 277 Park Avenue". The Real Deal. November 1, 2022. Retrieved August 20, 2024.
  30. ^ "Raymond James | LIFE WELL PLANNED". www.raymondjames.com.
  31. ^ "New York". www.smbcgroup.com. Archived from the original on November 16, 2016. Retrieved November 16, 2016.
  32. ^ Bockmann, Rich (June 2, 2016). "Visa swipes in at 277 Park Avenue". The Real Deal. Retrieved August 20, 2024.

40°45′20″N 73°58′29″W / 40.75556°N 73.97472°W / 40.75556; -73.97472

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