Monday, October 21, 2013

Red Star over JPMorgan’s One Chase Manhattan

Chase ManhattanGus Delaporte reports for the Commercial Observer, Oct. 18, 2013, that Chinese conglomerate Fosun International has agreed to acquire JPMorgan’s former headquarters in Manhattan — the 60-story, 2.2 million square-foot One Chase Manhattan Plaza at 16-48 Liberty Street — for $725 million.
JPMorgan Chase & Co. had put the 60-story, 2.2 million-square-foot building up for sale in August.
Tyler Durden of ZeroHedge calls the $725 million price tag “measly” and notes that the iconic 1 Chase Manhattan had been built by none other David Rockefeller, and that Fosun International, also known as “Shanghai’s Hutchison Whampoa,” is China’s largest private-owned conglomerate which invests in commodities, properties and pharmaceuticals. More than that, 1 Chase Manhattan is also the building that houses JPMorgan’s commercial gold vault — reputed to be the largest in the world.


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