{"id":1004053183,"date":"2012-02-03T11:30:37","date_gmt":"2012-02-03T19:30:37","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=33900"},"modified":"2020-04-08T12:27:13","modified_gmt":"2020-04-08T20:27:13","slug":"record-breaking-price-tag-for-one-world-trade-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/record-breaking-price-tag-for-one-world-trade-center\/","title":{"rendered":"Record-breaking Price Tag for One World Trade Center"},"content":{"rendered":"<p style=\"text-align: justify;\">By Veronica Grecu, Associate Editor<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/02\/1WTC.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-33952\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/02\/1WTC.jpg\" alt=\"\" width=\"300\" height=\"200\" \/><\/a>One World Trade Center, the building designed to bring new life to Ground Zero in New York City, has recently become the world\u2019s most expensive office tower, reports <em>The Wall Street Journal<\/em>. The new price tag of more than $3.8 billion is a reflection of increased construction costs and consultancy fees that added to a decision by the Port Authority of New York and New Jersey \u2013 the owner of the site \u2013 to include leasing costs in its public estimates. Projected to be the tallest building in North America, the tower\u2019s construction costs more than double what was required to build the world\u2019s tallest tower, the Burj Khalifa in Dubai, in 2010.<\/p>\n<p style=\"text-align: justify;\">The newly recalculated costs have increased by more than $700 million since the last public estimate in 2008. Formerly known as the Freedom Tower, One World Trade Center is scheduled for completion in 2013. For obvious security reasons, the structure sits on a heavily reinforced podium with no windows. To date, it has reached 90 of its 105 stories.<\/p>\n<p style=\"text-align: justify;\">In other development news<em>, Crain\u2019s New York Business<\/em> reports that a new hotel could be built in Long Island City on a 91,000-square-foot parcel of land located at 28-02 Skillman Ave. The site\u2019s owner, the City University of New York (CUNY), has released a solicitation for a hospitality consultant who will analyze the site\u2019s <a href=\"https:\/\/www.propertyshark.com\/mason\/ny\/New-York-City\/Maps\/Zoning-Areas\" target=\"_blank\" rel=\"nofollow\">zoning<\/a>\u00a0requirements and the project\u2019s overall impact on commercial real estate in the area.<\/p>\n<p style=\"text-align: justify;\">If proven to be feasible, the hotel project could start with no major obstacles from the city\u2019s zoning authority. Reportedly, the current zoning regulations would allow a 600,000-square-foot development and even a parking facility alongside the building.<\/p>\n<p style=\"text-align: justify;\">For more local news from New York, <a href=\"https:\/\/www.multihousingnews.com\/city-pages\/new-york\" target=\"_blank\" rel=\"nofollow\">click here<\/a>.<\/p>\n<p style=\"text-align: justify;\"><em>Photo courtesy of The Port Authority of New York and New Jersey website<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Veronica Grecu, Associate Editor<br \/>\nOne World Trade Center, the building designed to bring new life to Ground Zero in New York City, has recently become the world\u2019s most expensive office tower, reports The Wall Street Journal. The new price tag [&#8230;]<\/p>\n","protected":false},"author":1269,"featured_media":1004506806,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1600,21742],"tags":[],"class_list":["post-1004053183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-new-york","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Record-breaking Price Tag for One World Trade Center - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/record-breaking-price-tag-for-one-world-trade-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Record-breaking Price Tag for One World Trade Center\" \/>\n<meta property=\"og:description\" content=\"By Veronica Grecu, Associate Editor One World Trade Center, the building designed to bring new life to Ground Zero in New York City, has recently become the world\u2019s most expensive office tower, reports The Wall Street Journal. 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