Tourism expected to generate quarter of 1 WTC’s revenue

Long-view has sales at observation deck generating $53M a year

TRD New York /
Oct.October 27, 2014 08:00 AM

The Port Authority of New York and New Jersey and the Durst Organization — the owners of One World Trade Center — are betting on tourists to bring in a quarter of the building’s revenue by 2019.

The owners of the skyscraper, which cost $3.9 billion to construct, are hoping for a projected $53 million from tourists who will pay to visit the building’s observation deck, according to the Wall Street Journal. Roughly 3.5 million visitors per year are expected.

The cost of visiting the observation deck has not yet been revealed by Legends Hospitality LLC, the developer of the observatory.

If the tower reaches a 95 percent occupancy rate by 2019, the projected annual operating income is expected to be $144 million, according to the paper.

Meanwhile, the bet on the observation deck might be a safe one as tourists have flocked to them at other skyscrapers over the years. At the Empire State Building, 40 percent of the building’s revenue comes from visitors. Last year, the observation deck there brought in $101 million. [WSJ] — Claire Moses


Related Articles

arrow_forward_ios
Durst Organization chairman Douglas Durst and Advance Publications president Donald Newhouse with One World Trade Center (Newhouse by Ilya S. Savenok/Getty Images for The Association for Frontotemporal Degeneration; Unsplash)

Condé Nast may be moving out of 1 WTC

Condé Nast may be moving out of 1 WTC
Moody's CEO Raymond McDaniel and 1 World Trade Center (McDaniel by Alex Wong/Getty Images; Pixabay)

Moody’s looks to sublease its 1 WTC office

Moody’s looks to sublease its 1 WTC office
Clockwise from left: Celonis co-founders Bastian Nominacher, Alexander Rinke, and Martin Klenk with 1 World Trade Center (Credit: Celonis)

German tech firm snags full floor at 1 WTC

German tech firm snags full floor at 1 WTC
A Victoria's Secret store in New York (Credit: Getty Images)

Victoria’s Secret sues WTC landlord amid store closures and layoffs

Victoria’s Secret sues WTC landlord amid store closures and layoffs
The architect claims the design, construction and marketing of the tower rips off the design of a tower he planned and modeled for his thesis

Lawsuit over WTC design is whittled down

Lawsuit over WTC design is whittled down
Condé Nast lands a second full-floor to sublease its space at 1 WTC

Condé Nast lands a second full-floor to sublease its space at 1 WTC

Condé Nast lands a second full-floor to sublease its space at 1 WTC
Condé Nast subleases 50K sf at 1 WTC to cut costs

Condé Nast subleases 50K sf at 1 WTC to
cut costs

Condé Nast subleases 50K sf at 1 WTC to
cut costs
Silverstein Properties may be part of a hack related to 9/11 documents

Silverstein Properties may be part of a hack related to 9/11 documents

Silverstein Properties may be part of a hack related to 9/11 documents
arrow_forward_ios

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

Loading...