Regions Northeast | New York
World Trade Center to Endure Design Change
July 1, 2008

The World Trade Center, designed by Santiago Calatrava, will undergo a major design change, which is anticipated to  reduce millions from the center's budget, The Associated Press reported. The project was initially scheduled to open on September 11, but is now set to open in 2011, with other projects on the site scheduled to open by 2013. Upon completion, the development will consist of the $2 billion transit hub, memorial and arts center.


 
Recent New York Headlines
Allied Partners' Hadar Busted for Drugs
Oct. 06, 2008
According to a report in the New York Daily News, Eric Hadar, CEO of Allied Partners, was busted for drugs, including cocaine, Oxycontin and Xanax, He was stopped while driving erratically Friday on the Saw Mill River Parkway in New York and is due to make a court appearance on two felony counts today in Westchester, N,Y., the paper stated. His real estate firm bought the Citigroup Center on Lexington Ave. for $725 million in 2001.
Manhattan Office Market Reaches Uncharted Waters
Oct. 06, 2008
The flagship of the United States office investment and leasing market, Manhattan is now also at the heart of the financial crisis. The stunning events of recent weeks point to a new era for the economy, but experts differ about how the changes will play out in Manhattan’s commercial real estate market during the next several quarters and beyond.
downtown Port Authority: WTC Redevelopment to Cost at Least $17B, Freedom Tower Delayed
Oct. 02, 2008
The Port Authority of New York and New Jersey issued a 70-page report today detailing more realistic costs and timetables for redevelopment of the 16-acre World Trade Center site while at the same time acknowledging that it is now expected to cost at least $17 billion for the entire build out--more than $1.7 billion than originally estimated.
CBRE Arranges 12,837-SF Lease in Manhattan
Oct. 01, 2008
CB Richard Ellis Inc. arranged both sides of a 12,837-square-foot lease at 5 Penn Plaza in New York City, where software vendor Microstrategy relocated within the building.
downtown Reports: WTC Transit Hub $500M Over Budget, 5 Years Behind Schedule
Sept. 30, 2008
Just days before the Port Authority of New York and New Jersey is due to release an update on the construction timetable and costs of rebuilding the 16-acre World Trade Center site in Lower Manhattan, new reports have surfaced claiming the planned transit hub is $500 million over budget and five years behind schedule.