It was only a matter of time that the proverbial shoe would drop on the World Trade Center site’s grandiose rebuild scheme. Crain’s, one of New York’s leading business papers, reported today that the credit crunch and an uncertain financial climate have taken their toll on the Ground Zero project.
Real estate pros told Crain’s that as office vacancy rates in the city soar, there is no need for space now or in four years, when the projects are slated to open. It is widely expected that the Port Authority of New York and New Jersey will announce next week further delays in the project’s schedule. Developer Larry Silverstein told the paper: "Just as New York City’s economy recovered from 9/11, it will recover from recent events”.