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New York

Westfield buys remaining stake in WTC retail for $800M

$4,000 per square foot retail deal is record for Lower Manhattan

A rendering of the World Trade Center retail space
A rendering of the World Trade Center retail space

Australian mall giant the Westfield Group will pay the Port Authority of New York and New Jersey $800 million for the remaining 50 percent interest in the forthcoming World Trade Center retail complex, the Port Authority said yesterday.

Westfield had paid $600 million for a 50 percent stake in the 365,000-square-foot space two years ago, and the new deal values the total space at north of $4,000 per square foot, a record for Lower Manhattan.

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“(The price) highlights the fact that this retail space is going to be incredible, and that Westfield has a backlog of top-tier retail tenants who are eager to lease it,” Scott Rechler, CEO of RXR Realty and vice chairman of the Port Authority’s board of commissioners, told Crain’s.

Top-tier retail brands such as Apple, Michael Kors and Victoria’s Secret have made commitments to lease space in the WTC complex, according to Crain’s. [Crain’s] – Hiten Samtani

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