Gold’s defiant summer
Gold is finishing one of its most-defiant summers in memory.
This weekend JP Morgan’s 1 Chase Manhattan Plaza went on sale, which also happens to hold the world’s biggest commercial gold vault.
The 60-floor skyscraper was built in 1961. It is the 15th tallest building in New York. Price tag is estimated at over $1 billion.
CBRE Group Inc. have been hired to manage the sale.
The building was designed by Gordon Bunshaft of Skidmore, Owings and Merrill and the skyscraper was designated a landmark in 2008 by the New York Landmarks Preservation Commission.
What is really special about the building is what’s below the surface. One of the building architects wrote that underneath the skyscraper is the “. . . largest bank vault in the world, longer than a football field.”
And across the street is the Federal Reserve Bank of New York, which is reputedly the largest gold repository in the world.
According to Bloomberg, JPMorgan Chase & Co. occupies about 1/2 the space. The 4,000 employees will be re-located elsewhere. The lower half of the build could be turned into a department store.
JP Morgan tried to sell the building before, after the 2008 crash but low real estate prices resulted in effort being scuttled.
Last month JP Morgan said it was getting out of the commodities business.
Hat tip, Zero Hedge. Images of 1 Chase Manhattan Plaza from Wikipedia.
4 Comments
Snufy
Hmm. Let me talk with my friendly banker. I first want his assurance that he won’t have me taken away by men in white coats and a butterfly net.
thecrud
I rather fish than waste my life trying to fill a big volt with gold.
Cant take it with you.
Vape Escape
“Last month JP Morgan said it was getting out of the commodities business.”
Maybe they should get out of the gambling with customers money business.
Shreya
Great post!! Thanks for sharing. It’s going to be an extravaganza for sure. http://www.primebullion.co.nz