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Westfield To Make Big Investment in Manhattan

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Westfield Group, which, remember, managed the mall under the World Trade Center, has announced plans to invest $625 million in lower Manhattan. The New York/New Jersey Port Authority will invest $825 million in the project as well.

Australian major shopping centre owner Westfield will invest 625 million US dollars in a retail project at the site of the World Trade Center in New York, it said Monday.

The Westfield Group said it will set up a joint venture with The Port Authority of New York and New Jersey to develop and operate a 1.45 billion US dollar retail project at the site of the September 11, 2001 attacks.

Westfield, Australia's largest shopping centre owner, originally acquired an interest in the retail facilities at the World Trade Center in July 2001 for about 130 million US dollars.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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