9/11 museum deals paves way for apartments at Deutsche Bank building site

New York /
Sep.September 13, 2012 10:00 AM

The deal struck to resume construction at the 9/11 museum garnered headlines earlier this week, but the biggest byproduct of that agreement may be in the development of a high-rise residential building at the former Deutsche Bank building site. The transaction had the Port Authority of New York & New Jersey turning over ownership of eight acres of the 16-acre World Trade Center site, which include the museum and the memorial, in exchange for “Site 5,” better known as the land that once held the Deutsche Bank building at 130 Liberty Street, Reuters reported.

That swap fulfills an earlier agreement made in 2006 that was delayed by the political standoff at the museum. Now the land must be traded within the next six months.

Unlike land at the World Trade Center, 130 Liberty Street can be used to develop apartments, hotel rooms or offices. “The site would be most valuable if it supported apartments with a hotel on the lower floors,” Robert Von Ancken, chairman of Landauer Valuation & Advisory, a division of Newmark Grubb Knight Frank, told Reuters. He speculated combined hotel and apartments would sell for between $135 million and $150 million. Reuters noted that the cash-strapped Port Authority would welcome the revenue. [Reuters] — Adam Fusfeld


Related Articles

arrow_forward_ios
Empire Capital Holdings' Josh Rahmani, Hakimian Capital's Michael Hakimian, RXR's Scott Rechler and 1330 6th Avenue (Getty, Hakimian Capital, Empire Capital Holdings, 1330aofa.com)
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
JPMorgan Chase's Jamie Dimon, Deutsche Bank's Christian Sewing and Barclays' Nigel Higgins (JPMorgan Chase, Deutsche Bank, Barclays, Getty)
Office lenders looking for an off-ramp
Office lenders looking for an off-ramp
Wharton Properties’ Jeff Sutton with 1551-1555 Broadway
Sutton faces foreclosure on Times Square American Eagle
Sutton faces foreclosure on Times Square American Eagle
A photo illustration of the Arizona Ghost Town Museum in Pearce, Arizona (Getty Images, Facebook/oldpearcepottery)
Night at the museum: Ghost town general store turned-home lists at $1M
Night at the museum: Ghost town general store turned-home lists at $1M
Argent Ventures' Andrew Penson (left), SL Green's Marc Holliday, 1601 Broadway (left) and 100 Church Street (Getty, SL Green, Google Maps)
Big-ticket office refis power strong month for Manhattan loans
Big-ticket office refis power strong month for Manhattan loans
427 Broadway and Robert Frey (HGetty, THCNYC)
Former Vegas club owner bringing cannabis museum to SoHo
Former Vegas club owner bringing cannabis museum to SoHo
Taconic's Charles Bendit and Paul Pariser with rendering of One Essex Crossing (Taconic Partners, VMI Studio)
Essex Crossing developers land $466M refi
Essex Crossing developers land $466M refi
Christian Sewing, chief executive officer, Deutsche Bank, in front of 1 Columbus Circle (Getty Images, OptimumPx, Public domain, via Wikimedia Commons/Photo Illustration by Steven Dilakian for The Real Deal)
Deutsche Bank delays $1.5B CMBS deal tied to HQ
Deutsche Bank delays $1.5B CMBS deal tied to HQ
arrow_forward_ios

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

Loading...