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World Trade Center for Sale? Port Authority Puts Out Feelers

World Trade Center for Sale? Port Authority Puts Out Feelers

(Dreamstime.com)

By    |   Thursday, 08 September 2016 09:46 AM

One World Trade Center being put up for sale was probably the last headline expected before Sunday's 15th anniversary of the Sept. 11 terrorist attacks, but the Port Authority of New York and New Jersey is anxious to start making money from the property.

The towering complex represents strength for Americans as it “arose from the wreckage of the Sept. 11, 2001 terrorist attacks,” CBS News noted. However, it has been more of a “symbol than an investment.” In fact, one-third of the building is still empty and its return on investment has been far from impressive, according to Crain’s.

The $3.8 billion tower only brought in $13 million in revenue for the Port Authority, according to the Citizens Budget Commission. That’s only a 0.35% return on its investment.

The Port Authority is being pushed to get back to its main stream of revenue, which is transportation. Crain’s said the port authority plans to sell the once “Freedom Tower” to the highest bidder for a price that could make up for all that was lost in their investment.

The price tag could be as much as $5 billion, which would be “the highest price ever paid for an office building in the U.S.,” Crain’s noted.

While it made all the sense in the world to build the One World Trade Center on the site of the original towers, it’s been a financial deterrent. It’s not yet clear as to who the current bidders are, but concern for the security of the area is already being questioned given the fact that potential bidders would be both foreign and domestic, and if foreign, then that could even mean that a Middle Eastern company could be the trade centers next owner, Crain’s noted.

The Port Authority has made no official announcements on a sale yet.

“One World Trade Center is an iconic, 21st Century Class A plus officer tower with universal brand recognition and strong leasing momentum,” said a statement issued to CBS MoneyWatch. “It’s substantial and growing net operating income will, when the time is right for the Port Authority to monetize all or part of its ownership in the building, support a premium, world-class valuation.”

The 9/11 anniversary was on the minds of social mediaites:

 

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One World Trade Center being put up for sale was probably the last headline expected before Sunday's 15th anniversary of the Sept. 11 terrorist attacks, but the Port Authority of New York and New Jersey is anxious to start making money from the property.
world trade center, for sale
538
2016-46-08
Thursday, 08 September 2016 09:46 AM
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