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Three new towers tell a tale of two cities; Durst, Vornado filling midtown sites; Silverstein struggles with 7 WTC.(Special Report: Commercial Real Estate)(World Trade Center)(Column)
Crain's New York Business, October, 2004 by Garmhausen, Steve
Byline: steve garmhausen New Yorkers' famous love of a good deal does not always extend to the commercial real estate market. Given a choice between a terrific bargain and paying top dollar for a prestigious address, users of space in Manhattan these days are opting for the latter. That's the clear message from three big towers now under construction: two in midtown, where the developers have found demand for space to be strong, and one downtown, where demand has yet to materialize.
Developer Larry Silverstein has not lined up a single tenant for his building at 7 World Trade Center, even though he is offering the best prices in town for virgin space. "We think we are from 25% to 50% less than what a comparable new tower in midtown would be from a total...
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