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Biggest Retail Sale Is At Unfinished WTC Site

NEW YORK CITY—One of the biggest sales we saw last year was on the site of one of the biggest development projects currently under way—the World Trade Center site in Lower Manhattan.

By Sule Aygoren, Rayna Katz | Updated on February 17, 2015

NEW YORK CITY—The year 2014, like its predecessors, went down in the record books as one of the most active years for investment sales in a decade. According to Real Capital Analytics, sales of significant commercial property ($5 million or more) totaled $423.8 billion last year, up 17% over 2013 and back to the volume last seen in 2006. In another healthy milestone, as per RCA, excluding portfolio deals, 2014 sales activity is actually higher than it was at the prior peak in 2007 and, at an aggregate level, have just surpassed the 2007 peak and cap rates in many sectors are at all-time lows.

One of the biggest sales we saw last year was on the site of one of the biggest development projects currently under way—the World Trade Center site in Lower Manhattan. Late in 2013, the Board of Commissioners of the Port Authority of New York and New Jersey approved the sale of the agency’s remaining 50% joint venture in the World Trade Center retail project to the Westfield Group. That deal, which carried with it an $800-million price tag, officially closed in March 2014, making it one of the biggest sales transactions—in fact the largest retail investment—to take place last year.

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