LOL JK: 1 WTC isn’t for sale, says Port Authority

Put your $5B checks away

TRD New York /
Sep.September 15, 2016 03:54 PM

The Port Authority of New York and New Jersey has no immediate plans to sell the 3 million-square-foot One World Trade Center, despite the idea given by a recent report.

“It’s certainly not on the block,” Port Authority chairman John Degnan told Politico on Thursday. “We’re not talking to any brokers about it.”

Back in 2014, the Port Authority released a report stating the bi-state agency should divest itself of non-transportation-related assets – such as its vast real estate holdings – and focus on its core mission.

A news report published in early September said the agency had plans in place to sell the tower, and executives believed the property could fetch as much as $5 billion.

The report drew the attention of many in the industry including Douglas Durst TRData LogoTINY, whose company owns a 10 percent stake in the building. Durst sent a letter to Degnan complaining that his employees were concerned about losing their jobs, and tenants and brokers were getting worried about the future of the building.

Degnan repeated the Port Authority’s position that it intends to divest of non-core assets, but said there is no imminent decision on One World Trade Center.

The agency has numerous real estate holdings throughout the tri-state region that it can monetize, but as The Real Deal reported in April, many observers are skeptical it would ever really sell the former Freedom Tower.

One site that has potential is the Authority’s Red Hook container terminal in Brooklyn. Chris Ward, a former top executive at the Port Authority who now works at the engineering and construction firm AECOM, recently helped produce a study for an ambitious transformation of Red Hook that, in part, would be built on the container terminal site. [Politico]Rich Bockmann 


Related Articles

arrow_forward_ios
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
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
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
Cushman & Wakefield CEO Brett White and the Oculus (Credit: Cushman & Wakefield and Unsplash)

Cushman’s management contract at Oculus extended despite woes

Cushman’s management contract at Oculus extended despite woes
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
Families that made New York City: The legacy of the Rockefellers

Families that made New York City: The legacy of the Rockefellers

Families that made New York City: The legacy of the Rockefellers
arrow_forward_ios

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

Loading...