And Pigs Fly

The NYT reports that Conde Nast is the anchor tenant for WTC1:

“We built a new reality at the World Trade Center, and this transaction will be the exclamation point on that turnaround,” said Christopher O. Ward, executive director of the Port Authority.

Felix comments:

It looks as though Condé is getting the bottom 22 floors of the building; one assumes that the 1.6 million square feet of office space in the 48 floors above Condé will go for even more [than the $80 / sq ft Conde is paying].

I scream “BS”. From the rooftops.

My boss and I both immigrated to the US long after 9/11 and he flirts with the idea of possibly moving to WTC1 when it opens (we’re already downtown). I don’t know, I suppose I’m mildly opposed.

The guys that were here during 9/11? Opposed.  Violently opposed. Like, each guy was at his 99th percentile freaking out opposed.

Conde is going to have a pile of furious employees on their hands.

There’s no way Conde takes on that morale burden without some sweetheart deal.

And imagine how this sentiment changes as you go UP. Nobody is going to forget what happened to the last set of tenants UP THERE.  And the next tenant isn’t even going to get as sweet a deal as Conde.

And now think of the other side: public servants are desperate to pretend like they’re running a profitable business.

The incentives here point to a deal that makes the WTC LOOK like it’s break-even but, deep in the shadows of the fine print, be all but guaranteed to annihilate vast stores of public wealth.

Today’s politicians can bathe in the happy-feeling and tomorrow’s politicians can unearth the dark secret and righteously point their fingers.

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