Nassi says the hotel is expected to be complete within 36 months. He notes that "debt is at a maximum of 55% to 60% today, which makes the capital stack difficult to fill while still fulfilling your proforma." He adds that construction costs throughout Manhattan are at a "$500-plus-per-sf to build cost, only this has to be built union which is very costly." He expects to close within 90 days. Factoring in that $500-plus per sf, a 400,000-sf property would be approximately over $200 million, according to GlobeSt.com's calculations, although one source put the construction cost closer to $1000. Another unidentified industry source tells GlobeSt.com that $1,000-per-buildable-sf is too high, but $500-per-sf is low. After following up with Nassi again regarding the construction costs, he again says that "hard costs are only $500-per-buildable-sf."

Nassi says that anything near the World Trade Center is desirable because "it's going to be the largest tourist attraction in New York City and the USA for decades to come." He says that Costas Kondylis & Partners LLP Architects has been hired. A rendering on BCN's website shows a proposed tower by Costas Kondylis at 111 Washington St., which is more than likely the tower's location, although Nassi would not further confirm. Calls to Costas Kondylis were not returned by deadline.

Sumner Baye, president and partner of International Hotel Network LLC, tells GlobeSt.com that a lot of the success of hotel properties downtown depends on the WTC's plans and how quickly it will get done, which is difficult, he explains. He adds that the location is very competitive--with Silverstein's Four Seasons and the Ritz Carlton in the area, for example. "You have to be careful. The cost of construction is very high, so to build a hotel today from the ground-floor up is a very costly business depending on what type of hotel you are going to build," he says.