Last week, 6sqft reported that the Port Authority would sell One World Trade Center for up to $5 billion due in part to vacancy issues and the fact that the tower only brought in $13 million in revenue last year, a mere 0.35 percent return on the agency’s investment. But Authority chairman John Degnan said yesterday to Politico that “It’s certainly not on the block. We’re not talking to any brokers about it.” This doesn’t however, mean that the agency has changed its stance that it will one day “divest and monetize in non-transportation-related holdings.”
One World Trade Center
It’s been almost two years since Condé Nast’s 3,400 employees moved into One World Trade Center. At the time, only 58 percent of its 3 million square feet of space was leased, but the hope was that the media company’s presence and perceived confidence in the $3.8 billion tower would attract more tenants. This didn’t quite pan out, as it’s still one third empty, and the Port Authority continues to drop $3 million a month to cover Condé Nast’s old lease (this amounted to $47.6 million in 2015 alone).
Due to these issues, along with the fact that the tower only brought in $13 million in revenue last year– a mere 0.35 percent return on its investment–the cash-strapped Port Authority has made plans to sell One World Trade Center for as much as $5 billion. As Crain’s notes, this would be the highest price ever paid for an office building in the country.
Though the Port Authority of New York and New Jersey would like you to think it’s been smooth sailing finding tenants for One World Trade Center, their spending habits say otherwise. As Crain’s reported, more than a year after Condé Nast made the big move from 4 Times Square to One World Trade, the agency is still dropping $3 million a month to pay for the old lease. This deal came about in 2011 when the Port Authority offered the incentive to entice the media company to relocate amid floundering activity at the downtown tower. In 2015 alone, they spent $47.6 million, and the payments are expected to continue into 2019 (when the lease ends) unless building owner the Durst Organization can find a new tenant.
Big news on the 2 World Trade Center front. After several months of negotiation and hashing out design plans, News Corp. and 21st Century Fox Inc. have decided not to move into the new tower. The Post first broke the news, reporting that the media companies will remain at their Midtown headquarters at 1211 and 1185 Sixth Avenue where they currently have a lease in effect until 2020.
“After much careful consideration we have decided to maintain our New York headquarters and other business operations. We have extension options that could continue our occupancy on Sixth Avenue through 2025,” the companies wrote in a joint statement. Sources added that the move would have been “a huge distraction for the companies’ global operations.”
Thought that $100 New Year’s Eve cover at your favorite bar was steep? It’s nothing compared to the rates to ring in 2016 atop One World Trade Center. DNAinfo reports that the Observatory is hosting a black-tie-optional soiree for which tickets will range from $500 to $6,750, a far cry from the normal $32 rate to get to the top. The three-digit ticket will get you passed hors d’oevures, passed sweets, a four-hour open bar, a midnight champagne toast, and, of course, access to the DJ dance party and incredible views. If you’re a high roller, you’ll get guest admission for 12, as well as reserved seating on the 100th and 102nd floors with private waiter service and additional appetizers and bottles of booze.
Interested in spending New Year’s Eve on top of NYC? Check out all the ticket packages HERE >>
- The One World Trade Center Observatory Officially Opens Today!
- 1 WTC Observatory Elevators Will Give Riders a 515-Year Time-Lapse View of NYC Skyline
- It’s Expected That Tourism Will Bring in 25 Percent of One World Trade Center’s Revenue
2 World Trade Center rendering via BIG
The Post reports that the construction of the Bjarke Ingels Group-designed 2 World Trade Center will come with a $4 billion price tag. The 2.8 million-square-foot downtown tower will top out at 1,340 feet, just 28 feet shy of One World Trade Center, which currently holds the title of the world’s most expensive office building with construction costs coming in at $3.8 billion.
Instagram Photo Gets BK Bridge Climber in Trouble; Dropping Cold Hard Cash for a Luxury Storage Unit, Wed, July 1, 2015
- The NYPD is pissed at a selfie stick wielding tourist who climbed the Brooklyn Bridge for an Instagram-worthy photo. [Animal]
- You could downsize, get a Manhattan Mini Storage unit, or you can drop $65,000 on a steel cage in the basement of a luxury building. [Bloomberg Business]
- See the Manhattan isle fold onto itself like in “Inception” with BERG’s “Here & There” maps. [Untapped Cities]
- The re-designed Madison Square Park Shake Shack may be considered new and improved, but the lead designer of the original joint thinks it’s an “aesthetic disaster.” [Architect’s Newspaper]
- Everything you need to know about chowing down at One World Trade‘s One Dine, One Mix and One Cafe–pretty original names right? [Eater]
Images: The notorious Brooklyn Bridge selfie (L); Steel cage via Bloomberg (R)
It was a big day in New York City last Friday, when the One World Trade Center Observatory officially opened to the public, welcoming New Yorkers and tourists alike to the top of the tallest building in North America. While the view from 1,250 feet up in the air seems like the apex of the world, the folks over at the Skyscraper Museum put together this fun infographic, which compares the highest publicly-accessible tourist spaces around the world, including observation decks, bars, restaurants, and other sky-high thrills. Turns out, the One World Trade Observatory ranks 9th for observation decks and 11th for all publicly-accessible spaces.
The view from above. Image via World Trade Center Progress
We couldn’t have dreamt up a more picturesque day for the opening of One World Trade Center‘s sky-high observatory. Today visitors will get a new bird’s eye view of New York City with panoramic views stretching 50 miles past the Manhattan skyline and the Statue of Liberty from a three-story perch 1,250 feet up in the air.
The Lower Manhattan skyline in 1796
Tourists and die-hard New Yorkers who plan on shelling out $32 to take in the vistas from the One World Trade Center observation deck will also get the unique experience of taking in the city’s skyline through the last 515 years. The Times reports that the five elevators servicing the building’s 102nd-floor observatory will be equipped with three wrapping, high-tech monitors that will display a time-lapse view of Lower Manhattan as its takes its patrons on a 47-second, 23 mph ride to the top. The screens will project everything from Manhattan’s start as a verdant, marshy wonder to its rise as the world’s capital in all its sky-scraping glory. But, most notably, the ride will highlight the south WTC tower brought down by terrorists on 9/11.