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Freedom Tower: Now Coveted By Real Estate Developers
By
Jen Chung
Published Apr 24, 2010
Modified Apr 24, 2010
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Photograph by Jake Dobkin/Gothamist
By
Jen Chung
Published Apr 24, 2010
Modified Apr 24, 2010
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One World Trade Center, better known to most Americans and patriots as "Freedom Tower," the 1,776 foot (including 408-foot spire) tall building rising at Ground Zero, is now a hot property. According to the NY Times, the once "scorned" building "has turned into an object of desire. Four major real estate developers are vying to buy a minority stake in the $3.1 billion project and to take over the leasing and operating of the skyscraper." The Related Companies' CEO Stephen Ross said, "The building has real international significance, and it’s important for New York."
The minority stake would be $100 million, and the final bidders are the Durst Organization, Hines, Mort Zuckerman, chairman of Boston Properties and the Daily News, and the Related Companies. Currently, the tenants lined up for the 104-floor include federal and state agencies (who promise to take 40% of the building) and Chinese firm Vantone, who will take three floors. There has been some concern that the tenants in the building will be mostly government agencies but the Port Authority is confident private firms will be interested in the space. However, there will be competition from Larry Silverstein's Tower 4, which Silverstein Properties executives say will be more attractive to financial firms, because it sits at Liberty and Church—closer to the Financial District—than 1WTC, which is at Vesey and West.
Community Board 1 chairwoman Julie Menin said, "I do think they need to attract private companies. Why should taxpayers have to pay so that various government agencies can have 60-story views at astronomical rents?" The NY Times has a panorama shot of the building; Gothamist was there last week, and it was was built to the 24th floor at the time.
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1 world trade center
development
freedom tower
one world trade center
port authority
real estate
Silverstein Properties
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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