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Predicting Ground Zero
March 14th, 2006

Much of the debate over what should be built at Ground Zero - even who should do the building — comes down to differing predictions of the future. As Nicole Gelinas points out in an opinion piece in the New York Post, Mayor Michael Bloomberg does not believe that developer Larry Silverstein will have the ability to see the rebuilding to completion, and Bloomberg also does not think there will be a large demand for office space in the city, which is why Bloomberg doesnt want Silverstein building everything, and he wants residential and retail on the site rather than just office space. Larry Silverstein disagrees with both predictions. In another opinion piece in the New York Post today,
Senator Charles Schumer writes that all the former office space in Ground Zero should be replaced, because he believes when we build them, businesses will come.

By on March 14, 2006, 11:43 am
In category: Gotham City,Land Use | 4 Comments »

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4 Responses to “Predicting Ground Zero”

  1. Larry Littlefield Says:
    March 14th, 2006 at 2:43 pm

    Again, most of the large companies that have located headquarters in Lower Manhattan over 50 years have demanded subsidies.

    But there is an entreprenurial/expat business market there to served, but usually you cannot build for it because lenders require pre-leasing by credit tenants. You had lots of offices of foreign firms and small companies in the Twin Towers, along with a couple of larger ones. The first big lease at 7 WTC will be a beachhead for the U.S. offices of Chinese firms.

    Silverstein had the insurance proceeds and will get the Liberty Bonds. He should build and rent at what this market segment will bear.

  2. Larry Littlefield Says:
    March 14th, 2006 at 2:53 pm

    Following up, my father once worked for a company that had a suite in New York with hotel rooms, office space, and a conference room. Its employees used the space when they were in the city working on a transaction of some sort. Lots of companies do transactions — finance, accounting, advertising, etc. — in New York.

    Manhattan housing units are being converted to “corporate apartments” for employees posted in New York for a time. Those corporate owners are not buying such apartments in the suburbs, so there is no need for their workplaces to be located near commuter rail.

    Soho blossomed with “joint living work quarters” for artists. There is no reason why joint living work quarters would not work for other occupations.

    The city’s boom of the 1990s was aided by the inexpensive space available to entreprenuers in Midtown South. More inexpensive space could mean more new companies.

    About the only thing Downtown isn’t good for is large corporate tenants whose executives live in the suburubs, but since they pay the most the Downtown property owners — in addition to other subsidies — want a new rail connection to Long Island. But all these other market segments are available now.

  3. Kevin Daniels Says:
    May 24th, 2006 at 2:48 pm

    Thanks for this great post. You’ve

    got some really good info in your blog.
    Kevin Daniels
    http://www.Newyorkofficespace4lease.com

  4. zero Says:
    October 25th, 2006 at 2:58 pm

    I ran across your site while just surfing around, wanted to say hi and I like the blog

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