At the end of October, JPMorgan Chase was considering building a new $6.5 billion corporate campus with two high-rise towers on the west side of Manhattan. The bank has now dropped its plan and will stay put on the East side. The proposed building project depended on a number of issues, including a subsidy package for Chase. Mayor Bill de Blasio did not like the idea of giving the bank $1 billion in tax breaks and cash on top of an existing $600 million in property tax breaks, according to The New York Times article.
Chase was also unable to reach a deal with Related Companies for the purchase of the two parcels of land.
(more on Chase's decision not to move to new towers in Manhattan...)
