Silverstein Properties owns all of tower 7 and has significant stakes in the 3 and 4 World Trade Center buildings, alongside minority investors including America’s richest real estate family, the Goldmans. Re-establishing downtown as a creative office district has been intrinsic to the city's success over the last two decades.”īesides One WTC, three of the five towers first designed in 2003-3, 4 and 7-are also open and nearly fully leased, with tenants ranging from Spotify and Uber to Moët Hennessy and Morningstar. "It's really been gratifying to see the site become part of the city again. "Some people thought that the building shouldn't be built and that it should be a memorial to the people who perished on 9/11, some people thought was a boondoggle," says the Durst Organization's vice president of public affairs Jordan Barowitz, who helped put together the project for the tower. Controversial at first, the tower is now 90% leased, and 8,000 employees of tenants such as publishing giant Condé Nast and credit rater Moody’s have moved in. The Durst Organization, owned by the billionaire Durst family, bought a 10% stake in the project in 2010 from the Port Authority for $100 million, which owns the rest Silverstein gave up the rights to develop the tower in 2006 in a deal that secured public debt financing for the rest of the development. One World Trade Center, which tops out at a symbolic height of 1,776 feet (the year the Declaration of Independence was signed), instantly became an icon of New York’s skyline when it opened in 2014. The north pool of the 9/11 Memorial and One World Trade Center in May 2013. Once it’s all complete-people familiar with the project estimate it will take another five years-the combined square footage of office space will be more than 12 million, nearing the 13 million square feet in the old complex. According to Lynne Sagalyn, a Columbia Business School professor who authored a book on the redevelopment effort, the total costs will rise to $26.2 billion as construction moves forward on 2 World Trade Center, an office tower where Silverstein is still looking for an anchor tenant, and 5 World Trade Center, slated to become a residential building in a joint venture between Silverstein and Brookfield Properties. Another $3 billion went to underground infrastructure, streets, utilities and open spaces. That sum includes $4 billion that the Port Authority and the Federal Transit Administration spent on the Oculus transportation hub and $1 billion spent on the Memorial Plaza and Memorial Museum. Still, it’s quite a bit short of the $20 billion plowed into the project by public and private investors since 2001. That’s far higher than the $3.2 billion Silverstein paid in June 2001 ($4.9 billion adjusted for inflation today) and the $4.6 billion he received from the insurance payouts following the disaster. Silverstein, his partners and the Port Authority owe about $3.3 billion of debt, held in the form of tax-exempt Liberty Bonds due in 2100, on the properties. Forbes estimates the combined value of the completed office buildings that currently house more than 40 tenants-One, 3, 4 and 7 World Trade Center-to be more than $11 billion. What might have seemed impossible in the aftermath of the attacks-to recreate a bustling commercial district at the heart of lower Manhattan-has not only become a reality, it’s also been a relative financial success. Twenty years and $20 billion of public and private investments later, lower Manhattan has come a long way from one of the darkest days in New York City’s history. It would take 99 days for the fires to stop burning at Ground Zero and more than a year until ground broke on the first of the new towers, 7 World Trade Center, in November 2003.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |