NEW YORK | 185 Broadway (7 Dey Street) | 404 FT | 35 FLOORS

[Eidolon]

SL Green plans office tower near WTC

June 21, 2017 12:15PM

SL Green Realty TRData LogoTINY is planning to build a Financial District office tower close to the World Trade Center.

The real estate investment trust received permits last month to put up scaffolding and begin demolishing three buildings it owns at 183 and 187 Broadway and 5-7 Dey Street, the New York Post reported. Simultaneously, the Metropolitan Transportation Authority issued a request for proposals to buy 62,750 square feet of unused air rights over a subway entrance next door to the development.

If SL Green bought the air rights, it could construct a building as big as 200,000 square feet.

The company bought 183 Broadway for $28.5 million last year and paid $63.7 million for the other two buildings in 2015. The Post reported that SL Green also approached the owners of two office properties at 179 and 181 Broadway but has yet to convince them to sell.

200k square feet might not seem big, but I do think they will try to further enlarge the site. Also, since there is still a lot of space at the WTC, it might be some time before we see action beyond demolition happening here.