According to people familiar with the matter, J.P. Morgan Real Estate Department insiders recently estimated that the overall cost of the 270 Park Avenue building is about 6 billion US dollars, including construction, building renovation costs, and various intangible assets related to this building. Earlier, some agencies estimated that the building would cost about 3 billion US dollars. At the ribbon-cutting ceremony last fall, Jamie Dimon said that the construction cost he reported to the board of directors was 4 billion US dollars. J.P. Morgan never disclosed the exact cost or valuation of 270 Park Avenue, and related expenses were not separately listed in the financial report. A person familiar with the matter said that the difference between the 4 billion US dollars mentioned earlier by Dimon and the current estimate of 6 billion US dollars includes hundreds of millions of dollars in technology and infrastructure investment in the building, art procurement costs, land value, and intangible assets such as air rights — J.P. Morgan Chase bought air development rights from surrounding owners to build this tall tower.

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