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Market Analysis


Special Report: Damaged Areas

World Trade Damage Summary New York, NY On September 11, 2002


 

Property Summary As Of April 2, 2003
       
Address Square Footage   Anticipated Occupancy
1 Liberty Plaza 2,124,447   Opened October 2001
140 Broadway 1,200,000   Opened - per tenants
1 World Financial 1,461,365   Opened in December 2001 - per Brookfield Properties 
2 World Financial 2,591,244   Opened in April 2002 - per Brookfield Properties
3 World Financial 2,300,000   Opened in April 2002 - per Brookfield Properties
4 World Financial 2,083,555   Opened November 2001 per Brookfield Properties
130 Liberty 1,415,086   N/A
101 Barclay 1,226,000   Opened May 2002
22 Cortlandt 668,110   Opened February 2002 per Murray Hill Properties.
90 Church 950,000   N/A
99 Church 336,000   Opened in May - per tenants
100 Church 1,032,539   Opened in May - per tenants
111 Broadway 418,000   Opened October 8 per Capital Property
115 Broadway 399,000   Opened October 8 per Capital Property
75 Park Place 547,165   Opened December 2001 per Jack Resnick & Sons, Inc.
90 West 350,000   Severely damaged; schedule for reopening has not been announced.
140 West 1,171,540   Open - Verizon is sole occupant.
30 West Broadway 381,000   Majority of occupancy is government-related. Opening date: N/A
24-26 Cortlandt 25,000   N/A
106 Liberty 18,000   N/A
110 Liberty 6,000   N/A
130 Cedar 135,000   N/A
114 Liberty 69,000   N/A
1 WTC 4,761,416   --
2 WTC 4,761,416   --
4 WTC 576,000   --
5 WTC 783,520,   --
6 WTC 537,693   --
7 WTC 2,000,000   --
       
Other Damaged Properties Not Included In TenantWise Survey:
120 Cedar 18,319   N/A (Small Office)
120 Liberty 57,945   N/A (Residential)
5 Carlisle 131,466   N/A (Small Office)
1 Carlisle 78,000   N/A (Residential)
85 West 417,322   N/A (Hotel)
19-27 Church 49,109   N/A (Retail)
20 Dey 380,542   N/A (Hotel)
110 Church 168,144   N/A (Small Office)
120 Church 418,105   N/A (Small Office)
       
Below is a list of the commercial properties affected by the tragic September 11, 2001 World Trade Center attack. Outlined below are details of Manhattan Class A buildings (destroyed, damaged, remaining), as well as damaged Class B and C square footage. The impact of the attack on the Downtown office market is as follows:

-60% of Class A buildings was damaged or destroyed;

-Only 18.8 million square feet of Class A space was operational after 9/11; 31.1 million square feet of Class A space is operational as of 1/8/02; and,

-The total damaged and destroyed Class A, B, and C square footage surveyed was 34.5 million square feet.
 
ANALYSIS OF CLASS A PROPERTIES  
Destroyed Class A    
1 World Trade Center   4,761,416
2 World Trade Center   4,761,416
4 World Trade Center   576,000
5 World Trade Center   783,520
6 World Trade Center   537,693
7 World Trade Center   2,000,000
Destroyed Class A Space 13,420,045
     
Damaged Class A    
1 Liberty Plaza   2,121,437
140 Broadway   1,200,000
1 World Financial Center   1,461,365
2 World Financial Center   2,591,244
3 World Financial Center   2,263,855
4 World Financial Center   2,083,555
1 Bankers Trust Plaza (130 Liberty) 1,415,086
101 Barclay Street 1,226,000
Damaged Class A Space 14,362,542
     
Total Destroyed/Damaged Class A Space 27,782,587
     
Total Remaining Class A Space Downtown1 18,812,803
     
Total Class A Space Pre-9/11 46,595,390
   
% Destroyed/Damaged Class A of Total on 9/11 60%
     
ANALYSIS OF CLASS B & C PROPERTIES  
Damaged Class B    
22 Cortlandt   668,110
90 Church   1,126,260
99 Church   336,000
100 Church   1,030,000
111 Broadway   418,000
115 Broadway   399,000
75 Park Place   564,145
90 West   350,000
Total Damaged Class B 4,891,515
     

Damaged Class C

 
140 West   1,171,540
30 West Broadway   381,000
24-26 Cortlandt   25,000
106 Liberty   18,000
110 Liberty   6,000
130 Cedar   135,000
114 Liberty   69,000
Total Damaged Class C 1,805,540
     
  Total Destroyed 13,420,045
  Total Damaged 21,059,597
     
Total Destroyed/Damaged Class A/B/C 34,479,642
     
1Remaining Class A    
1 Battery Park Plaza 750,000
85 Broad Street 1,037,585
125 Broad Street 1,274,213
52 Broadway 400,000
140 Broadway 1,200,000
1 Chase Manhattan Plaza 2,239,000
40 Fulton Street 233,153
7 Hanover Square 846,000
33 Maiden Lane 570,000
180 Maiden Lane 1,091,570
1 NY Plaza 2,542,563
32 Old Slip 1,000,301
1 State Street Plaza 769,867
17 State Street 525,900
40 Wall Street 1,200,000
60 Wall Street 1,615,841
75 Wall Street 663,081
100 Wall Street 457,460
33 Whitehall Street 396,269
Remaining Class A Space 18,812,803
 

For further information contact:
M. Myers Mermel
Chief Executive Officer
(212) 943-7777
Caroline McLain
Chief Financial Officer
(212) 943-1902

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