277 Park Avenue
| Company type | Commercial office building |
|---|---|
| Industry | Real estate |
| Founded | July 13, 1964 in New York City, United States |
| Headquarters | New York City , United States |
Area served | Midtown Manhattan, New York City |
| Owner | Stahl Organization |
277 Park Avenue is a 50-story commercial office tower situated in Midtown Manhattan, New York City, positioned on Park Avenue between East 47th and 48th Streets. Reaching a height of , it ranks as the 73rd tallest structure in New York City, sharing this ranking with both 55 Water Street and 5 Beekman Street. The building is assigned its own ZIP Code, 10172, making it one of the 41 Manhattan buildings with dedicated ZIP Codes as of 2019.
History
The land where the building now stands was initially part of the estate owned by Elizabeth Goelet Kip and her son George Goelet Kip. In the late 1800s, the New York and Harlem Railroad acquired this property through eminent domain for $212,500 amid the expansion of Grand Central Depot. Previously, a residential building designed by McKim, Mead, and White occupied the site; among its notable occupants was the presidential campaign office of John F. Kennedy. The existing office skyscraper was completed and officially opened on July 13, 1964.
The Stahl Organization, which continues to own and operate the property, obtained a $1 billion mortgage loan in 2014. In 2022, Stahl commenced a $120 million refurbishment aimed at modernizing the building to boost its attractiveness to tenants. As part of these improvements, chef David Burke launched the Park Ave Kitchen restaurant in late 2023, enhancing the building’s amenities and tenant engagement efforts. In 2024, Stahl refinanced the asset with a $750 million loan from a Deutsche Bank subsidiary while injecting $250 million in equity to fund ongoing enhancements.
Tenants
The premises accommodate divisions of JPMorgan Chase, including its Investment Bank, Commercial Bank, and other corporate departments. After JPMorgan’s acquisition of Bear Stearns in 2008, numerous investment banking staff moved to 383 Madison Avenue to centralize Midtown operations. The Stahl Organization, a family-owned developer and original proprietor of the building, retains ownership of 277 Park Avenue. Previous occupants have included Penthouse Magazine, Schlumberger, Donaldson, Lufkin & Jenrette, Raymond James, and Chemical Bank, a predecessor institution 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.