Silverstein touts NYC commercial market, laughs off rumors of capping 3 WTC: VIDEO

New York /
Feb.February 29, 2012 10:00 AM

Silverstein Properties President and CEO Larry Silverstein appeared on CNBC yesterday to discuss the commercial property market in the city and his developments at the World Trade Center construction site (see video above).

Silverstein said prices were “off the charts again” and even higher than they were before the crash. “There’s a huge amount of investment capital looking for a home,” he said. “That investment capital comes from all over the world, and its looking to invest, where? In America. Where in America? New York City.”

However the stability and equity appreciation the city offers are driving down capitalization rates, Silverstein said.

When asked why, if the market is so strong, Silverstein was rumored to be considering capping the planned 80-story structure at 3 World Trade Center at just seven floors, the developer laughed off the suggestion.

“That’s categorically wrong,” he said. “When we struck the deal back in 2010, the arrangement for the deal was we would go up seven stories. Once we found a tenant, the building would go all the way up to the total height.”

The city “needs the space,” he added.

Silverstein said he would like to see a tenant like Conde Nast, which took more than 1 million square feet at 1 World Trade Center, anchor 3 World Trade Center.


Related Articles

arrow_forward_ios
“I believe in the future of Downtown Los Angeles”: Silverstein closes US Bank Tower buy

“I believe in the future of Downtown Los Angeles”: Silverstein closes US Bank Tower buy

“I believe in the future of Downtown Los Angeles”: Silverstein closes US Bank Tower buy
Silverstein Properties' Tal Kerret, Dino Fusco, Marty Burger and 7 WTC (Credit: Joe Woolhead)

Former Goldman exec will be new COO at Silverstein Properties

Former Goldman exec will be new COO at Silverstein Properties
Governor Andrew Cuomo (Credit: Getty Images)

Cuomo rakes in real estate cash — but not from LLCs

Cuomo rakes in real estate cash — but not from LLCs
Larry Silverstein and the Tel Aviv Stock Exchange (Credit: Getty Images)

Institutional investors swarm Silverstein’s new TASE bonds

Institutional investors swarm Silverstein’s new TASE bonds
3 World Trade Center

WATCH: Inside the nearly completed 3 WTC

WATCH: Inside the nearly completed 3 WTC
Larry Silverstein and the Tel Aviv Stock Exchange Bull (Credit: Getty Images and Wikipedia)

As other NYC firms go quiet, Silverstein Properties prepares new Israeli bond offering

As other NYC firms go quiet, Silverstein Properties prepares new Israeli bond offering
How this longtime NYC developer attracts hip tenants to Lower Manhattan

How this longtime NYC developer attracts hip tenants to Lower Manhattan

How this longtime NYC developer attracts hip tenants to Lower Manhattan
VIDEO: How Larry Silverstein attracts “hipper” companies to FiDi

VIDEO: How Larry Silverstein attracts “hipper” companies to FiDi

VIDEO: How Larry Silverstein attracts “hipper” companies to FiDi
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...