WTC PATH hub retail could see rents of $550/sf

TRD New York /
May.May 28, 2013 09:30 AM

Updated, 12:43 p.m., May 28: Retail rents in the Port Authority of New York and New Jersey’s $3.74 billion underground World Trade Center transportation hub could command prices of $550 per square foot, top retail brokers told the New York Post.

But a proposal to rent out a WTC PATH terminal space in the main concourse known as the Oculus for private events has received mixed reactions from retail experts and politicians, according to the Post.

The Santiago Calatrava-designed space – which is 350 feet long, 145 feet wide and 160 feet high— is being leased out by global mall firm Westfield Group and could comfortably accommodate major events such as New York Fashion Week.

Westfield is paying the Port Authority $612.5 million for a joint-venture partnership to operate 460,000 square feet of retail at the complex.

Robert Futterman, CEO of retail leasing company RKF, told the Post that he endorsed Westfield’s plans for the Oculus space, saying that public and private events would benefit the community as well as the retail stores, which he expected would be occupied by top-end brands.

Critics said, however, that the massive main concourse may not be able to direct enough retail traffic to the stores on the edges.

One real estate insider not involved with the WTC project told the Post that opening the space up for private events was “a major acknowledgment it’s a boondoggle.”

Public officials told the Post that they have yet to examine the issue. Assembly Speaker Sheldon Silver, who represents the district, told the Post through a representative that “if it’s a resource to the community and open to local organizations and nonprofits we would certainly take a look at it.” [NYP]Hiten Samtani


Related Articles

arrow_forward_ios
TRD's Erik Enguist and Port Authority's Rick Cotton

Port Authority, out $3B, has waterfront land to sell

Port Authority, out $3B, has waterfront land to sell
TRD's Erik Enguist and Port Authority's Rick Cotton

Can the Port Authority bring NYC back? Tune in to TRD Talks Wednesday

Can the Port Authority bring NYC back? Tune in to TRD Talks Wednesday
Port Authority Bus Terminal and AECOM CEO Troy Rudd (Roger Rowlett via Wikipedia; AECOM)

“Worst place on earth” may be buried underground

“Worst place on earth” may be buried underground
Anna Wintour of Condé Nast, One World Trade Center and Douglas Durst (Wintour by Dia Dipasupil/Getty Images; 1WTC via iStock; Durst by Patrick McMullan via Getty Images)

Condé Nast wants out at 1WTC. Durst may not be OK with that

Condé Nast wants out at 1WTC. Durst may not be OK with that
Unibail-Rodamco-Westfield CEO Christophe Cuvillier, Westfield Century City in Los Angeles and Westfield World Trade Center in New York (Getty, iStock, Google Maps)

Unibail-Rodamco sees 15% decline in US mall rents after offering deferrals

Unibail-Rodamco sees 15% decline in US mall rents after offering deferrals
From left: Port Authority Bus Terminal, Grand Central and Penn Station (Wikipedia, Pixabay, CDC)

TRD Insights: Focus may shift to Manhattan’s 3 transport hubs in post-Covid office market

TRD Insights: Focus may shift to Manhattan’s 3 transport hubs in post-Covid office market
Rick Cotton, Executive Director of The Port Authority of New York and New Jersey, and a photo of a mostly empty John F. Kennedy Airport pictured on April 16, 2020 (Credit: Astrid Stawiarz/Getty Images, Spencer Platt/Getty Images)

Major NY and NJ infrastructure projects in jeopardy

Major NY and NJ infrastructure projects in jeopardy
Rep. Alexandria Ocasio-Cortez, Governor Andrew Cuomo (inset) and a rendering of LaGuardia's AirTrain (Credit: Getty Images, ANewLGA)

AOC joins in fight against Cuomo’s $2B LaGuardia AirTrain project

AOC joins in fight against Cuomo’s $2B LaGuardia AirTrain project
arrow_forward_ios

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

Loading...