Like Chicago Spire, World Trade Center Seeking Out New Business Partners

January 8, 2010

Daily Real Estate Updates

sudler-sothebys-logo8 January 2010 ? While not located in one of Chicago’s 77 neighborhoods, 1 World Trade Center (formerly known as Freedom Tower), the new tower under construction at Ground Zero in New York City, holds a symbolic place in all of our hearts. Despite its symbolism, the building is not immune from the troubled real estate market. In downtown New York, commercial rental rates are down almost 45% and vacancy rates are approaching 10%. The current owner of the building, the Port Authority of New York, is seeking commercial developers to participate not only in the ownership, but also in the marketing and management duties of the new building ? no small task in today’s market. The Port Authority currently has lease arrangements with both state and federal governments, as well as a Chinese real estate firm. While the owners have found lukewarm interest in potential partners, they are confident that the building’s significance, location, and design make it an enticing product ? even at a cost of $3.2 Billion. Slated for completion in 2013, the tower today is only slightly above street level. When completed, it will rise 105 stories and stand 1776 feet tall.

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About Stacy Braack

Stacy is a seasoned real estate professional with a broad range of hands-on experience including first time buyers, investors, luxury homes, and distressed properties. While this may appear to be a scattered set of expertise, she believes the experience provides maximum effectiveness in today's chaotic market, which requires extensive knowledge of all aspects of the industry. Stacy's educational background includes a BS in Industrial Engineering from Stanford University and an MBA in Marketing and Finance from the Kellogg Graduate School of Management. Professionally, Stacy has done everything from operations consulting to city government before she found her passion in real estate almost eleven years ago. It is this passion that drives the most benefit to her buyers and sellers. She is fully committed to your goals - both financial and personal. Her clients describe her as extremely direct, honest, and responsive, and they repeatedly trust her to handle one of the biggest events in their lives. For buyers she works non-stop to find you both a home you will love to live in and one that is a smart investment. Many of her 2008 buyers have realized instant equity in their new homes through 'pit bull' negotiation skills. While the market has been tough for sellers, her listings have sold at a rate above that of the market. Extensive, constant, and extremely high-quality marketing, including both print and internet mediums, support every listing, from investment studios to luxury penthouses. She believes that your goals are her priority and her full-time job. She has built her business on referrals from satisfied clients, and she would love to add you to that list. You can contact her at 773-405-4431 or stacy.braack@sothebysrealty.com

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