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270 park avenue

The meaning of «270 park avenue»

270 Park Avenue (also known as the JPMorgan Chase Tower and formerly the Union Carbide Building) was a high-rise office building located in Midtown Manhattan, New York City. It was designed by Gordon Bunshaft and Natalie de Blois for Skidmore, Owings & Merrill. 270 Park Avenue was built between 1957 and 1960 and was 708 ft (216 m) tall.

The original Union Carbide building was demolished between the fall of 2019 and the spring of 2021 to make room for a taller building on the same site. Upon the completion of its demolition, 270 Park Avenue became the tallest voluntarily demolished building in the world, overtaking the previous record holder Singer Building that was demolished in 1968.[2] The building was the world headquarters for JPMorgan Chase, and during the new building's construction, 383 Madison Avenue is serving as temporary headquarters.[3]

After the construction of Grand Central Terminal in 1913, the now fashionable "Terminal City" area north of the terminal was ripe for investment. Developer Dr. Charles V. Paterno built what was called the largest apartment building in the world with two distinct sections.[4] The mansion-like apartments that took the address 270 Park Avenue, and the apartment hotel that used the name Hotel Marguery on Madison Avenue. The residents would share a 70-by-275-foot (21 by 84 m) garden with a private drive. As the restrained brick and stone structure rose, Manhattan millionaires rushed to take apartments.

The 6-building complex which formed the 12-story, stone-clad Renaissance Revival Hotel Marguery[1][5] was built in 1917 by Dr. Paterno at a cost of more than $5 million.[6] New York Central Railroad owned the land underneath the project since the construction of Grand Central Terminal.[7] The buildings were centered around a 250-foot-long Italian Garden which occupied the center of the block.[8] When the building was first constructed, Vanderbilt Avenue passed through the center of the buildings where the garden was eventually built. After the street was closed, the hotel built a 60 feet (18 m) tall carriage arch which allowed private access to the courtyard.[8] The buildings contained 29 stores, 180 long-term apartments, and 110 luxury suites which ranged from 6 to 16 rooms apiece.[7] By the 1940s, the high-end apartments rented for over $20,000 per month on average.[6]

On January 3, 1930, an explosion started a fire in the basement of the building which cut power and killed two people due to smoke inhalation.[9] In 1933, the hotel's owners sued to reduce their property taxes significantly on the grounds that the property's assessed value was almost $5 million too high.[10] After eight years in court, Justice Charles B. McLaughlin reduced the assessment in 1941 by an aggregate $19.588 million for the previous eight years, resulting in a refund of over $600,000 to the hotel's owners.[11] In 1923, Nikola Tesla rented rooms at the Hotel Marguery.[12] Harry Frazee, the owner of the Boston Red Sox who sold Babe Ruth to the Yankees, also lived here.[13] In June 1945, a wealthy textile executive named Albert E. Langford was shot to death in the hallway outside of his apartment on the seventh floor of the Hotel Marguery.[14] In September 1947, the NYPD busted an underground gambling ring in the hotel, arresting 11 men.[15]

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