SOURCES: "Chinatown After September 11: An Economic
Impact Study;" Wall Street Rising, TenantWise Inc.; TenantWise 2003 tenant
relocation survey, Fiscal Policy Institute, Regional Plan Association/Civ
September 13, 2004
Along with the immeasurable human toll, the city's economy suffered
devastating losses - an estimated $21.2 billion - in the wake of Sept. 11.
In four areas of downtown Manhattan, residents and businesses have struggled
to come back in the three years since the World Trade Center attack.
By the numbers
Finance industry jobs lost since 2000
6.3 million square feet
Commercial space under construction or planned
13 million square feet
Vacant commercial space
Retail vacancy rate below Chambers Street
17 of 74
Number of large firms surveyed, from destroyed buildings, which returned to
Number of those firms that went to New Jersey
Number that went to midtown
Number that went elsewhere
Number of new apartments since Sept. 11
Occupancy rate before Sept. 11
Occupancy rate immediately after Sept. 11
Occupancy rate today
Residents likely to stay for 3 years
Residents likely to stay 5 years
Amount Chinatown's garment industry lost in the year following September 11
Cost of marketing campaign to bring tourists back to Chinatown
Where are they now?
Here's a look at where Wall Street financial firms with at least 100,000
square feet of downtown office space have gone:
Bank of America - relocated majority of 400 employees from 1 WTC to
existing space at 100 W. 33rd Street.
Cantor Fitzgerald - lost 658 out of nearly 1,000 employees; in 2004,
announced plans to lease space at Park Ave. and 59th Street.
Citigroup/Salomon Smith Barney - lost more than 1 million square feet
when 7 WTC fell; has relocated to existing space around the city and in NJ
CIBC World Markets Corp. - moved out of 500,000 square feet at 1
World Financial Center.
Credit Suisse First Boston - moved employees to existing locations in
midtown after being displaced from 5 WTC
Fiduciary Trust Co. - lost 86 employees at 2 WTC; moved most
remaining employees to 600 Fifth Ave. after attacks.
American Express Co. - returned to Battery Park City with 3,500
employees in 2002.
Bank of New York - returned to its three downtown locations but will
also be moving 1,000 employees to Brooklyn.
Commerzbank - returned to 2 World Financial Center in Battery Park
Deloitte & Touche - moved back to 2 World Financial Center
Deutsche Bank - had purchased new headquarters at 60 Wall St. prior
to 9/11; lost space at 4 WTC and 130 Liberty St.
Fidelity Investments - returned to 1 World Financial Center but will
sublease some of its space there to decentralize operations.
Goldman Sachs Group - moved many employees to Jersey City after 9/11
but just announced plans for a new headquarters to be built in Battery Park
Merrill Lynch & Co. - returned to 2 and 4 World Financial Center but
is subleasing some of that space.
NASDAQ - keeping administrative offices at 1 Liberty Plaza.
OppenheimerFunds - decided not to relocate to midtown and has leased
space in 2 World Financial Center.
SOURCES: "Chinatown After September 11: An Economic Impact Study;" Wall
Street Rising, TenantWise Inc.; TenantWise 2003 tenant relocation
survey, Fiscal Policy Institute, Regional Plan Association/Civic Alliance;
Alliance for downtown New York
RESIDENTIAL DEVELOPMENT BY TYPE
Downtown residential development is beginning to come back with more than
2,300 new apartments since Sept. 11.
CONVERSION NEW DEVELOPMENT TOTAL
1998 1,454 152 1,606
1999 102 308 410
2000 811 209 1,020
2001 2,139 439 2,678
2003 545 449 994
Copyright © 2004, Newsday, Inc