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Saturday, July 11, 2026

2 World Trade Center Officially Restarts Construction with Ceremonial Groundbreaking

 

A groundbreaking ceremony was held yesterday to mark the official resumption of construction on 2 World Trade Center, a 55-story commercial supertall in Manhattan’s Financial District. Designed by Norman Foster of Foster + Partners and developed by Silverstein Properties, the 1,226-foot-tall skyscraper is the final component of the 16-acre World Trade Center complex and is slated to yield 2 million rentable square feet of office space. Port Authority of New York & New Jersey (PANYNJ) is the owner of the project site, which occupies a full block bounded by Vesey Street to the north, Fulton Street to the south, Church Street to the east, and Greenwich Street to the west.

The project was rebooted on February 25 when American Express announced its commitment to serve as the anchor tenant. Construction activities had already resumed prior to yesterday’s formal kickoff for the skyscraper, which has sat dormant at street level since 2011.

At the ceremony, city and project leaders unearthed symbolic dirt in a tent at the eastern end of the lot. This portion of the property was formerly occupied by a seasonal beer garden and will eventually be included within the skyscraper’s footprint.

The event featured speeches by Denise Pickett, president of Enterprise Shared Services (ESS) at American Express; Lisa Silverstein, CEO of Silverstein Properties; and New York City Mayor Zohran Mamdani, all pictured below. Other speakers included Katherine Garcia, executive director of the Port Authority of New York & New Jersey; Kevin J. O’Toole, chairman of the Port Authority of New York & New Jersey; and Gary LeBarbera, president of the Building and Construction Trades Council of Greater New York.

A new rendering of the skyscraper and a scale model were on display, previewing the tower’s stepped massing.

A new rendering of the World Trade Center complex seen at the groundbreaking ceremony for 2 World Trade Center. Photo by Michael Young.

A new rendering of the World Trade Center complex seen at the groundbreaking ceremony for 2 World Trade Center. Photo by Michael Young.

Following the programming, attendees were invited on tours of the 80th floor of 3 World Trade Center and the 40th floor of 7 World Trade Center to take in aerial views of the 2 World Trade Center site. The following photos from the tour show more materials and machinery on the property since our last update in early May, when crews were still removing sections of the wooden and metal coverings installed to protect the stalled superstructure during its nearly 15 years of dormancy.

Workers are focused around the core of the building, where deep voids are steadily being filled in with new steel rebar for the inner core walls between the elevator shafts and egress stairwells. Meanwhile, some of the existing duct work is being reconfigured in preparation for the building’s vertical progress in the coming months.

2 World Trade Center. Photo by Michael Young.

2 World Trade Center. Photo by Michael Young.

2 World Trade Center. Photo by Michael Young.

American Express plans to make the skyscraper its new global headquarters with a capacity of up to 10,000 employees across flexible floor arrangements. The building’s stepped terraces are expected to yield more than 1 acre of outdoor space, and the tower will be equipped with advanced technology and fully electric, energy-efficient systems. The project will also pursue Leadership in Energy and Environmental Design (LEED) certification. American Express’s headquarters has been located at 200 Vesey Street since 1986.

2 World Trade Center. Rendering courtesy of Foster + Partners.

2 World Trade Center. Rendering courtesy of Foster + Partners.

2 World Trade Center. Rendering courtesy of Foster + Partners.

2 World Trade Center. Rendering courtesy of Foster + Partners.

2 World Trade Center. Rendering courtesy of Foster + Partners.

2 World Trade Center. Rendering courtesy of Foster + Partners.

2 World Trade Center. Rendering courtesy of Foster + Partners.

2 World Trade Center. Rendering courtesy of Foster + Partners.

2 World Trade Center. Rendering courtesy of Foster + Partners.

2 World Trade Center. Rendering courtesy of Foster + Partners.

Cconstruction is projected to create more than 3,200 direct and indirect construction-related jobs in New York City. The project is also expected to contribute nearly $6 billion to the city’s economy and $6.3 billion to the economy of New York State.

2 World Trade Center’s anticipated completion date is slated for 2031.

https://newyorkyimby.com/2026/07/2-world-trade-center-officially-restarts-construction-with-ceremonial-groundbreaking-in-financial-district-manhattan.html

Friday, July 10, 2026

Billionaires’ Row tower risks ‘raining chunks of concrete’ on NYC, starts facade repairs this month

 A massive apartment at 432 Park Ave. on Billionaires’ Row is in contract for far less than its asking price, and the deal is slated to reset sales in the building.

The unit, 94A, last asked $25.75 million — down from its $33 million ask in 2024. The buyer purchased the half-floor unit for $31.5 million in 2019. It asked $26.95 million in January. The buyer and final price are not yet known, but it will be for less than $25 million and will have major repercussions for future sales.

“This [closing] will reset what the market is for the building,” said listing broker Marc Riedel, of Serhant, who shares the listing with Serhant’s Jordyn Nusynowitz. “We had multiple offers. This is where the market is.”

To that end, a half-floor unit on the 66th story just slashed $3.5 million off its asking price. The four-bedroom unit, which was asking $32.5 million in 2020, now asks $22.99 million with listing brokers Fredrik Eklund and John Gomes of Douglas Elliman.

432 Park Ave.Christopher Sadowski
Repairs begin on the facade, which is cracking, this month.Robert Miller
Built in 2015, the building was designed by the late architect Rafael Viñoly, who died in 2023.

In an astonishingly frank interview with Gimme Shelter, Viñoly once said the building “has a couple of screw-ups,” including window frames that take up too much space, and interior design and layout that gave the bathrooms prime views at the front of the building.

Since then, some prices have been falling. Especially since an alarming report last fall, warning that concrete cracks could lead to “raining chunks of concrete and render the building uninhabitable unless it launched an extensive, and pricey, $160 million renovation. 

The views from the 94th floor are divine.Tim Waltman for Evan Joseph
The apartments all come with 10-by-10-foot foot windows.Tim Waltman for Evan Joseph

Riedel added that repairs to the building’s facade will begin this month — with owners footing the bill. It will take three to four years to complete, he said, adding that owners hope the courts will force the developer to ultimately pay the repair costs.

Residents have also complained about the supertall’s swaying and groaning, leaks, power outages and elevator problems — as well as high-priced required monthly minimums in the building’s private restaurant. 

But Riedel said that many of the complaints — like the sound of trash crashing down the chutes at harrowing speeds — have been fixed; and that the restaurant cost of $15,000 a year per unit, is reasonable.

A dining area overlooks the city.Tim Waltman for Evan Joseph
A formal dining room.Tim Waltman for Evan Joseph
An open chef’s kitchen comes with a breakfast bar.Tim Waltman for Evan Joseph
The great room is divided into different entertaining and lounging areas.Tim Waltman for Evan Joseph
A view of the layout.Tim Waltman for Evan Joseph
The main bedroom at sunset.Tim Waltman for Evan Joseph

The facade, he said, is the last big problem that needs to be fixed.

Donna Olshan’s Monday-released Olshan Luxury Market Report first noted this sky-high unit had found a buyer.

At 3,952 square feet, the unit comes with three bedrooms and three and a half baths — as well as high ceilings, and design details like a chef’s kitchen and a corner great room with Central Park and city skyline views.

Riedel also said the seller had a signed contract with a renter for $85,000 a month — a building record for a half-floor dwelling — but then found a buyer before the renter moved in.

Another bedroom with a sitting area showcases the city.Tim Waltman for Evan Joseph

Building amenities include a 75-foot lap pool, a gym and a porte-cochère driveway. 

There appear to be only two sales this year — and in the past, some sellers have taken big hits on the higher floors. Unit 84A, for example, closed for $21.3 million in 2016. When it sold again, in 2024, the closing price was $13.5 million, according to records. 

There are currently 12 units on the market including this in-contract spread and a full-floor unit on the 64th floor asking $90 million. In addition, it appears that six units are still owned by the sponsor.

432 Park Ave. was built in 2015.stefano giovannini
“It looks like a lot of people want to get out,” said Riedel, who also has other listings in the building, including one that is off-market. “But that comes with the fact that there is litigation. People are worried and skittish. There is risk, and pent up demand to sell when sellers haven’t recognized the realities of the new prices. People don’t want to take the loss but the reality is that just like a number of Billionaires Row buildings, prices have come down.

“This isn’t a 432 Park thing. It’s a billionaires Row thing. It’s just a saturation of product, combined with litigation,” Riedel said.

He added that he believes the newer Billionaires’ Row buildings will also see prices drop, in part because there is “continued new product” on the market.

“432 Park isn’t new any more. It will take time for other buildings that are newer to see their prices come down,” he said.

https://nypost.com/2026/07/10/real-estate/432-park-will-begin-facade-renovations-this-month/