Rebuilt World Trade Center Posts Losses for 7 Consecutive Years

Photo by Bloomberg News

[Asia Economy Reporter Yujin Cho] According to the Wall Street Journal (WSJ) on the 12th (local time), the One World Trade Center in Manhattan, New York, rebuilt after the 9/11 attacks (formerly the World Trade Center), has not been profitable since its opening.

According to the report, this supertall mixed-use building, newly constructed on the site of the former Twin Trade Center buildings with a construction cost of $3.8 billion (approximately 4.46 trillion KRW) after the 9/11 attacks, is still operating at a loss.

According to the Port Authority of New York and New Jersey, the building's fixed costs ($335 million) exceeded its revenue ($328 million) last year, continuing a deficit for seven years since tenants began moving in in 2014.

With a height of 1,776 feet (541 meters), symbolizing the year 1776 when the United States declared independence, this building is currently considered the most expensive skyscraper in the United States.

Since its official opening in November 2014, it experienced a long period of vacancy due to the negative image of the terror attacks, but the current occupancy rate has surpassed 90%.

Douglas Durst, the real estate developer in charge of leasing the center, stated that over 90% of the total 3.1 million square feet has been leased, which is comparable to the occupancy rates of other office buildings in downtown Manhattan.

Durst explained that due to the nightmare of the 9/11 attacks, office leasing was slow during the initial years.

However, as the 20th anniversary of 9/11 approached, with generational changes among workers, younger people who view the 9/11 attacks as a chapter in history began moving into the building, changing the atmosphere.

Taylor Fogat, an editor at New Yorker, said, "For young people, the One World Trade Center is no longer a dangerous place," adding, "It is one of the coolest places in the world, and young people no longer associate it with the 9/11 attacks."

On the site where the World Trade Center buildings and surrounding structures once stood, there are now three buildings including the 9/11 Memorial and Museum, One World Trade Center, and a shopping mall. A music venue and a Greek Orthodox chapel are under construction, aiming to open in 2023.

This content was produced with the assistance of AI translation services.