New York Real Estate – Ground Zero

September 11th, 2008 Author:


                      7 years after 9/11 the commercial real estate surrounding the WTC site is thriving. Development in the surrounding areas of the WTC site have throngs of new developments subsidized in part by Federal money. Small businesses have recovered and even the larger Department stores like Barnes & Noble and Century 21 have surpassed 2001 earnings. Unfortunately, the development of the to be erected “Liberty Tower” to replace the commercial space destroyed 7 years ago is at standstill. The downtown New York City area is starving for commercial real estate lost from the collapse of WTC 1, 2 and 7. The Silverstein project has been hamstrung by constant infighting between developers, bond holders, the Port Authority and relatives of victims lost on that tragic day 7 years ago. The shadow of the Deutsche Bank Building which runs across Ground Zero real estate is another reminder of the insidious infighting among these various interest groups. The Deutsche bank Building was damaged beyond repair when the WTC towers collapsed spreading asbestos into the building and surrounding neighborhood. New Yorkers hope that Mayor Bloomberg will work will the governor to get this project , including the Freedom Tower completed as soon as possible and hopefully no later than 2010.

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