Otis VT Overhaul for Former Bear Stearns Building in NYC

Otis tells ELEVATOR WORLD it is performing a major vertical-transportation (VT) overhaul at 383 Madison Avenue in Midtown East, Manhattan, NYC — formerly the Bear Stearns building — which is being revamped to serve as offices for JPMorgan Chase's investment arm. The 47-story, 1.2 million-ft² tower will have 25 elevators modernized, including the addition of the Compass^® 360 destination-dispatch system and Otis' EMS Panorama^TM 2.0 real-time VT monitoring software. Otis will also install two new elevators — one Gen3^TM Edge and one Otis HydroFit^TM — and four new escalators. Originally opening in 2002, the tower was designed by David Childs of Skidmore, Owings & Merrill (SOM). The redesign is being handled by SOM along with Foster + Partners and Gensler. New York YIMBY reported in February that the project was moving along, with façade removal underway. The tower's transformation is scheduled for completion in winter 2027.