Jeenah Moon | Bloomberg | Getty Images
The Manhattan skyline will be seen past furniture displayed on the 68th floor during a tour of the 3 World Trade Center (WTC) building in fresh York, U.S., on Tuesday, May 22, 2018.
Silverstein said he sees the commercial real estate market as “strong.” in addition to he thinks in which which has a lot of aging office buildings in fresh York City, his investment will pay off.
“The truth of the matter will be, today’s large corporations need technology in addition to you can only get the technology in brand-fresh buildings,” he said.
He also isn’t concerned about the effect of high taxes driving the wealthy out of the area. According to a recent Wall Street Journal op-ed by conservative economists Arthur Laffer in addition to Stephen Moore, the fresh tax bill will cause a net 800,000 people to move out of fresh York in addition to California over the next three years.
“There are people who will be leaving by virtue of the tax hit in which they’re taking due to the tax change,” Silverstein said. “nevertheless I’d say the overwhelming number will probably not. Most of them will end up staying, as we’ve seen in previous years when issues of in which nature surfaced.”
So far, nearly 80 percent of the space will be leased at 1 World Trade Center, while 4 World Trade Center will be 100 percent leased.
The completion of in which latest phase at the site comes as fresh York’s financial district will be experiencing a revival.
The commercial vacancy rate will be below 10 percent in addition to residents are also moving to the area. About 61,000 people live from the area, more than ever before.
Tourism will be also booming, with nearly 14 million coming to the area in 2017 to visit Wall Street in addition to the 9/11 Memorial.
Urban planner Alexandros Washburn, a former chief urban designer for fresh York City, said the renaissance since the terror attacks has been a “miracle.”
“The transformation has been total,” he said on “Power Lunch.”
“We honestly didn’t know if downtown was going to make the idea after 9/11. in addition to then after the financial crash, in which was more of a hit,” added Washburn, a professor at Stevens Institute of Technology.
“nevertheless every time the idea’s comes back which has a better balance, more richness from the types of buildings in which are here, the types of open spaces.”
— CNBC’s Bob Pisani in addition to Kerima Greene contributed to in which report.