Posted by Leonard Steinberg on September 11th, 2013
Its a dozen years since the horrific attacks of 9/11: since then New York and our world has changed forever, so here are some observations of the effects of 9/11 from a real estate (and human)perspective:
1) SECURITY remains an on-going, daily concern. We are reminded every day through all media and signage to be alert, to call in suspicious packages or anything deemed potentially dangerous…..and thats good. Entering any building requires lengthy security check points, some of them still somewhat archaic. The volume of security staff everywhere has multiplied. Any New York airport requires significant, time-consuming, stress-inducing security checks. Unfortunately all this security (and more) is essential in the hopes of preventing future terrorist attacks.
2) COSTS: Counting the value of lives lost as well as property damage and lost production of goods and services, losses already exceed $100 billion. Including the loss in stock market wealth — the market’s own estimate arising from expectations of lower corporate profits and higher discount rates for economic volatility — the price tag approaches $2 trillion. Now add in the on-going costs of security.
3) WAR COSTS: Since 9/11 we have spent somewhere between 3,3 and 4 TRILLION dollars on wars. Approximately 6,000 US troops have been killed. about 50,000 troops were wounded. And there are over 500,000 disability claims to contend with. Over 200,000 people died in the two wars. In the Iraq War, 991 service members received wounds that required amputations; 797 lost major limbs, such as a leg. In Afghanistan, 724 have had to undergo amputations, with 696 losing a major limb. The costs of these wars following 9/11 will haunt all of us for many, many decades to come, yet for some it has changed their lives completely. Over 7 million people have been displaced by the wars. While it was promised that the US invasions would bring democracy to both countries, Afghanistan and Iraq, both continue to rank low in global rankings of political freedom, with warlords continuing to hold power in Afghanistan with US support, and Iraqi communities more segregated today than before by gender and ethnicity as a result of the war.
4) REAL ESTATE bounced back remarkably quickly after 9/11: within 3 months of the attacks the markets rebounded with a vigor that astounded all, and has continued to be remarkably strong since. After the 2008/2009 Great Recession pricing recovered again rather quickly and now new pricing records are the norm. The resilience of the New York market is truly impressive.
5) THE WORLD TRADE CENTER, once an iconic part of the Manhattan skyline, disappeared…..something unimaginable. Yet 12 years later, new landmarks have appeared including the 104-story Freedom Tower, and the entire area that a dozen years ago looked like a war zone, is about to emerge from one of the worlds largest and most complex construction endeavors as a truly extraordinary destination of the City. The 16-acre site has already infused tremendous enthusiasm in the real estate community drawing a number of new condominium and commercial projects including a new Four Seasons Hotel, 140 West Street, 50 West Street and 101 Murray Street. Conde Nast will be housed in the area. The exquisite Memorial is open and honors those who lost their lives on this tragic day. A mega-retail complex and transportation hub will open within the next 18 months.
6) THE PERPETRATORS: Miraculously there are some out there who believe Osama Bin Laden was not responsible for these attacks. Not unlike other overly righteous, hypocrite leaders, this leader who justified the attacks via his warped version of Muslim doctrine and the desire for Sharia law ultimately turned out to be a porn-watching drug-peddling geek…..a far cry from the god-like figure he wanted the world to believe was the case. Is there a single good Muslim today who believes that Osama went to heaven to receive those 72 Virgins?
New York has certainly bounced back and thrived since 9/11 on many fronts, and great thanks has to be given to the many players who made this all possible, especially Mayor Bloomberg. While some mayoral candidates are running campaigns claiming he has divided the city benefitting only a few surely one can only conclude that ALL New Yorkers have benefitted by this mayor when looking at the skyline and strength of the City today compared to a dozen years ago? The strength of Mayor Giuliani and Bloomberg, their vigilance on crime and security, and their determination that we as New Yorkers are a united front against the evils of this planet should never be forgotten.