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1 World Trade Center Will Be <em>Really</em> Expensive
By
Jaya Saxena
Published Sep 18, 2010
Modified Sep 18, 2010
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By
Jaya Saxena
Published Sep 18, 2010
Modified Sep 18, 2010
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The publishing industry must be on the rise if Condé Nast can afford to move their offices to 1 World Trade Center. According to the Times, the new skyscraper will cost $1,300 per square foot to build, and they will need to charge $130 per square foot to break even on the building. For comparison, space in your average downtown high-rise goes for $55 per square foot.
Insiders say Condé Nast got a deal and will be paying the current market rate for square footage, meaning any other tenants may have to fork over even more to help the 1,776 foot tall tower break even. Rich Gladstone of the Port Authority said that the Times' analysis was wrong, and they have insurance proceeds that will make rent much lower. “It is not going to get a typical developer’s rate of return,” he said. "But it will be cash-flow positive."
Douglas Durst of building manager Durst Corporation says he expects the building to become financially positive by "2018 or 2019"—must faster than the original World Trade Center, which took decades to become successful.
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