Friday, November 22, 2013

New York's World Financial Center

New York's World Financial Center, headquarters to several blue-chip companies including American Express (NYSE:AXP), was built on World Trade Center landfill by recently deceased Canadian real estate developer Paul Reichmann. It arrived on the scene in 1987, just in time for that year's crash. (Mr. Reichmann's Olympia & York also had a major hand in lavish Thatcher-era London banking hub Canary Wharf, which similarly proved to be a canary in the coal mine for coming financial calamity.)
The New York Times (NYSE:NYT) dropped the ball when abandoning its Times Square headquarters, the newspaper's home since 1904, for a grandiose 52-story tower nearby.It opened on November 19 2007, and shares touched the lowest level in their history within weeks. Amid multiple layoffs as media increasingly migrated online, the palatial surroundings quickly became a white elephant for the Old Gray Lady. It has lately looked to lease out a full floor at the Eighth Avenue address.