NYBOT, which has been working out of a backup facility at 23-10 43rd Ave. in Long Island City, Queens for more than 18 months, began talks with NYMEX within days of the terrorist bombings about sharing space.
The two exchanges signed a 10-year lease on more than 45,000 sf of trading and office space at the Brookfield Properties complex and are scheduled to begin doing business there in September. Cushman & Wakefield brokered for both tenants. Senior managing director Dennis Irvin and managing director Howard Nottingham represented NYBOT, while senior director Robert Lowe worked on behalf of NYMEX.
"This is further proof that Lower Manhattan is back and better than ever as the Financial Capital of the World," Governor Pataki said. "Today's historic lease signing not only underscores the growth and revitalization downtown, but it is also a fitting tribute to the members of the NYBOT and NYMEX families who lost their lives on that tragic day." Four NYBOT members were killed in the attack.
The trading floor will cover 13,100 feet and will be shared by will be shared with the Comex Exchange, the precious metals division of NYMEX. It will be similar in design to NYBOT's WTC quarters, with 13 trading pits, which will be built out first, followed by the trading floor.
The Empire State Development Corporation and the Economic Development Corporation recently granted NYBOT $23.3 million to help in the rebuilding of its trading facility.
NYBOT, which established its emergency backup facility following the 1993 World Trade Center bombing, was the first trading floor to re-open. Despite losing its north tower trading facilities, back office and data center on Sept. 11, the exchange was operational on Sept. 17.
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