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JPMorgan Abandons Hudson Yards, Twitter Responds

JPMorgan Abandons Hudson Yards, Twitter Responds

This week's banner commercial real estate news headline is JPMorgan's announcement that it's scrapping plans for a new $6.5 billion HQ on Manhattan's Far West Side. The failed negotiation deals a rare blow to the Hudson Yards development's pride—it's perennially dubbed the city's next great frontier—by depriving it of what would have been one of the all-time biggest single-tenant moves. 

America's largest bank will now stay put in Midtown East. West side hurdles included a newly progressive City Hall's reluctance to give JPM a whopping $1B in tax breaks, a breakdown in talks with Hudson Yards developer Related Companies and, per a New York Times source, fear of increased scrutiny from DC watchdogs

Urban planners and other commentators mined the story for other meanings: 

City Council Member Dan Garodnick (@dangarodnick) took JP Morgan staying at 270 Park (picrtured above) and 383 Madison Aves as a boon to Midtown East's proposed rezoning: 

Stu Loeser (@stuloeser), a former spokesman for Michael Bloomberg, found cause to cheer on the ex-mayor: 

The think tank City for Urban Future (@nycfuture) supported the de Blasio administration saying no to incentives: did Guardian journalist Sarah Jaffe (@sarahljaffe):

Journalist David Dayen (@ddayen) of Slate and Salon used stronger language, tweeting: