JPMorgan Chase pays Bank of China $115M for office property in Plaza District

JPMorgan Chase Bank paid the Bank of China $115 million for 410 Madison Avenue in the Plaza District, which was the Chinese bank’s former headquarters. The deal closed on June 17, 2020, and was recorded on June 26, 2020. The transaction consists of 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6). The property is 58,395 square feet. The parcel has total development potential of 107,500 square feet because of the East Midtown rezoning, according to The Real Deal.

The sale went into contract October 26, 2018. The signatory for the Bank of China was Chen Xu, president and CEO of the New York branch.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $268,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link