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277 Park Avenue

Office skyscraper in Manhattan, New York

Field	Value
name	277 Park Avenue
image	277parkave.jpg
image_size	225px
caption	277 Park Avenue
location	277 Park Avenue, Manhattan, New York City, New York
mapframe-wikidata	yes
coordinates
status	Complete
start_date	1962
completion_date	1964
architectural_style	International
opening	July 13, 1964
building_type	Office
roof	687 ft
floor_count	50
floor_area	1,767,499 sqft
architect	Emery Roth & Sons
developer	Stanley Stahl
owner	Stahl Organization
management	Stahl Organization

| mapframe-wikidata = yes

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 ft tall, with 50 floors. 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 .

History

The site was among the landholdings of Elizabeth Goelet Kip and her son George Goelet Kip. 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. An apartment building designed by McKim, Mead, and White then occupied the site. One tenant of that building was the presidential campaign of John F. Kennedy. The current office building opened on July 13, 1964.

In 2014, the building's owner, the Stahl Organization, received a $1 billion mortgage loan for the building. Stahl began renovating the building in 2022 for $120 million. The Park Ave Kitchen restaurant, operated by David Burke, opened in the building as part of the renovation. 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.

Tenants

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. Previous tenants have included Penthouse Magazine, Schlumberger, Donaldson, Lufkin & Jenrette, Raymond James, and Chemical Bank (predecessor to JPMorgan Chase).

List of tenants

Academy Securities
Agricultural Bank of China
Australia and New Zealand Banking Group
Bank of India, US Operations
Bregal Investments
Bregal Partners
Bregal Sagemount
CCMP Capital
Cozen O’Connor
The Hartford
JPMorgan Chase
GenesisCrypt Investment and Trading Holdings
Ladenburg Thalmann & Co. Inc.
M&T Bank
Sumitomo Mitsui Banking Corporation
Visa Inc.

References

"277 Park Avenue". CTBUH.
"277 Park Avenue". aviewoncities.com.
Brown, Nicole. (March 18, 2019). "Why do some buildings have their own ZIP codes? NYCurious".
(August 16, 1929). "Kip Heirs Sue on Realty". The New York Times.
(1870). "New York and Harlem Railroad vs. Elbert S. Kip and Elizabeth Kip". books.google.com.
(January 14, 1880). "The Value of a Block". The New York Times.
Gray, Christopher. (March 17, 1991). "A Vanished Circular Driveway, an Old Brochure". The New York Times.
[http://untappedcities.com/2013/11/05/daily-what-john-f-kennedy-apartment-campaign-offices-277-park-avenue/ John F Kennedy campaign] The Daily What
(July 13, 1964). "Chemical Bank Opens Doors of Tower on Park Avenue". The New York Times.
Engquist, Erik. (August 20, 2024). "Sunken costs fallacy: Lessons from 277 Park Ave".
Walter-Warner, Holden. (August 19, 2024). "Stahl closes on painful, $750M refi of 277 Park".
Cuozzo, Steve. (October 30, 2022). "Park Avenue office tower's $120 million upgrade helps land new leases".
McCart, Melissa. (December 7, 2023). "A Restaurant Opens in Midtown With Swinging Tomahawks and Flaming Bacon".
(December 1, 2023). "Cauldwell Wingate builds new David Burke restaurant, makes back-to-the-office more enticing".
Elstein, Aaron. (July 1, 2024). "Owner kicks in $250M to secure new loan for Park Avenue office tower".
(August 6, 1999). "Stanley Stahl, a Bank Owner And Real Estate Investor, 75". The New York Times.
Bagli, Charles V.. (December 2, 2000). "Chase Says It Has Deal for Park Avenue Spot". The New York Times.
"Raymond James | LIFE WELL PLANNED.".
"Home".
"Contact Us_Agricultural Bank of China(US)".
"ANZ USA".
"Bank of India-USA".
"Contact | Bregal Investments".
"Bregal Partners | Contact".
"Bregal Sagemount | Contact".
"Homepage - CCMP Capital Advisors, LP.".
(October 6, 2009). "Leases Pending for Part of Midtown's Biggest Sublease Space".
"The Hartford takes two floors at 277 Park Avenue".
"Ladenburg Thalmann & Co. Inc. :: Ladenburg Thalmann Financial Services Inc. (LTSA)".
(November 1, 2022). "M&T Bank moves to Stahl's 277 Park Avenue".
"New York".
Bockmann, Rich. (June 2, 2016). "Visa swipes in at 277 Park Avenue".

Info: Wikipedia Source

This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page.

1964-establishments-in-new-york-city emery-roth-buildings jpmorgan-chase-buildings midtown-manhattan office-buildings-completed-in-1964 park-avenue skyscraper-office-buildings-in-manhattan

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