Swig tells GlobeSt.com that construction on the all-glass tower development, which includes the US debut of the Nobu Hotel and Residences and a Nobu restaurant, will take anywhere from 20 to 24 months to build, "and I am assuming that we will be in a better market then, than we are today." Although Swig says he has construction cost numbers, he cannot provide them at this time. He did note that he anticipates ground-breaking in the third quarter of this year.

He explains that it is a great time to be Downtown. "There are more and more tenants heading there." The tower will be located in the heart of Lower Manhattan's Financial District neighborhood at 45 Broad St., across and down the street from the New York Stock Exchange.

Baye

"Although we are in a tighter money market, I have no doubt in Swig's ability to get things done," he says, although he explains that as with any situation, there are always risks to consider. "We are talking about looking at the future and what it's going to look like two years from now," he says. "It's always a gamble, because you never know what things are going to be like a few years from now, however I believe that area will be very much alive."

Baye notes that the key to success, is to keep the people that are down there right now, down there. "Hopefully, these large companies will stay downtown. Do we need condo/hotels Downtown?" he queries, "yes. There is a demand and there will be a need for more hotel rooms as current projects such as the WTC get completed. I feel positive about the future here."