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New World Trade Center? Get the inside story here.

Wednesday, June 6, 2018   /   by Embry Team Admin

New World Trade Center? Get the inside story here.

The man behind the idea? Larry Silverstein with Stilverstein Properties Chmn & NYC mega real estate developer.

More than 16 years after the 9/11 terrorist attacks on the World Trade Center a large part of the new building is opening.

The new (3) World Trade Center is said to be 80 stories high with more than 2.5 million square feet of space. The opening date is currently set to be June 11, 2018. Occupancy is reported to be around 40% at the moment. 

According to CNBC's Sara Eisen, Larry Silverstein stated the following when asked about concerns of occupancy. "These buildings never stay empty for very long." He went on to say that he is confident the building will fill up quickly.

Reports from CNBC say two of the tenants are currently Spotify Music Streaming and WPP's GroupM, which deals with advertising. 

When asked about his path to success with this building he had the following to say to CNBC. "It was a time when without financing, there was no way you could erect this building. But then suddenly the market started to change. It improved significantly. As soon as we got the financing, up the building went." In planning for the building he had many things to consider. One of which included the effect of high taxes driving those of the more wealthy tax brackets away. CNBC quoted Silverstein saying this about the tax issue. "There are people who will be leaving by virtue of the tax hit that they're taking due to the tax change. But I'd say the overwhelming number will probably not. Most of them will end up staying, as we've seen in previous years when issues of this nature surfaced."


For the full article visit: https://www.cnbc.com/2018/06/04




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