5 World Trade Center
| Company type | Proposed development |
|---|---|
| Industry | Real estate development |
| Founded | February 2021 |
| Founder | Silverstein Properties and Brookfield Properties |
| Headquarters | Lower Manhattan, New York City , United States |
Area served | World Trade Center complex, Manhattan, New York City |
| Products | Mixed-use skyscraper (office and residential) |
5 World Trade Center (5 WTC; also referred to as 130 Liberty Street) is a proposed high-rise development situated within the World Trade Center complex in Lower Manhattan, New York City. Positioned across Liberty Street and just to the south of the main World Trade Center area, this undertaking represents a collaboration between Silverstein Properties and Brookfield Properties, publicly announced in February 2021. The project revives the original 5 World Trade Center name, which was severely damaged during the September 11 attacks and subsequently dismantled.
Back in June 2007, JPMorgan Chase intended to establish its investment division headquarters, J.P. Morgan & Co., on this site. However, following its 2008 acquisition of Bear Stearns, J.P. Morgan shifted operations to 383 Madison Avenue. Later, in June 2019, the Port Authority together with the Lower Manhattan Development Corporation issued a joint request for proposal (RFP) targeting this location.
The architectural vision unveiled in 2021 by Kohn Pedersen Fox features an 80-story, mixed-use skyscraper blending office and residential spaces to address demand within Manhattan’s Financial District. This development is intended to rejuvenate the neighborhood and harmonize with other ongoing constructions throughout the World Trade Center campus.
Original building (1970–2001)
5 WTC was a nine-story office structure framed with steel, constructed between 1970 and 1972 as part of New York City's World Trade Center. Designed by architects Minoru Yamasaki and Emery Roth & Sons, the building reached a height of , featuring a black exterior façade. Shaped like an L, it occupied the site’s northeast corner, covering an area of , with roughly per floor, and included a police precinct.
The nearby subway stations offered direct entry through its lobby. Beneath ground level, an underground concourse contained The Mall at the World Trade Center, which housed New York City’s largest Borders bookstore spanning three levels at the intersection of Church and Vesey Streets.
In 1984, artist Joanna Gilman Hyde produced a rooftop artwork titled "Self Organizing Galaxy," a temporary installation completed over eight days.
September 11 attacks
Among all buildings in the complex, 5 WTC experienced comparatively minor damage. Debris from the North Tower’s collapse caused partial structural failure and fire damage on floors 4 through 9, while levels 1 to 3 remained structurally sound. The building’s black exterior endured significant fire damage, particularly on floors 5 to 9 following the South Tower’s fall. Debris on the roof included a section of fuselage from United Airlines Flight 175; additionally, an engine was found within the cafeteria on the ninth floor. Portions of the northeast corner stood until demolition was completed by December 2001.
An investigation by FEMA/ASCE revealed that fireproofing materials failed to adequately protect steel beam connections, which contributed to structural weaknesses on upper floors. Despite this, total collapse did not occur; much of the framework remained intact.
This building contained the Survivors' Staircase, which was relocated in 2008 along Vesey Street to safeguard it from harm and later installed within the National September 11 Memorial & Museum in 2010.
2 World Trade Center is slated for construction on what was originally the site of 5 World Trade Center.
Occupants
| Floor# | Organizations |
|---|---|
| 9 | Credit Suisse First Boston, Howard Publications, Council of State Governments, American Shipper, Our Planet Management Institute, Ltd., Hunan Resources & Technology Institute |
| 8 | Credit Suisse First Boston, NYS Court of Claims, Continental Forwarding |
| 7 | Credit Suisse First Boston, U.S. Airways |
| 6 | Morgan Stanley |
| 5 | Morgan Stanley |
| 4 | Morgan Stanley |
| 3 | World Trade Center Dental, Affiliated Physicians of St. Vincent, Children's Discovery Center |
| 2 | JPMorgan Chase, FedEx, DHL |
| L | Borders Books & Music, Daniel Pehr, Inc., Krispy Kreme |
| C | Borders Books & Music, Charles Schwab, Sam Goody, Perfumeria Milano, American Airlines, Duane Reade |
Reconstruction of the building
On July 24, 2001, Larry Silverstein secured a lease for the original World Trade Center from the Port Authority of New York and New Jersey (PANYNJ).<ref> Following the September 11 attacks, his firm, Silverstein Properties, continued fulfilling rent obligations.<ref> In the months that followed, a coalition of architects and urban planners convened to devise plans for rebuilding.<ref> Architect Daniel Libeskind was appointed in February 2003 to create the master design for the new World Trade Center.<ref> This blueprint featured five towers, a memorial dedicated to 9/11 victims, and a transportation hub.<ref> By July 2004, proposals surfaced for 5 World Trade Center (5 WTC) on the location of the damaged Deutsche Bank Building, which was scheduled for demolition.<ref> The envisioned structure was planned to rise approximately 57 stories and offer up to million square feet of floor area.<ref> Six different designs were drafted, predominantly focusing on residential use with options ranging from 1,900 condominiums to 1,400 rental units.<ref>
Rebuilding efforts encountered setbacks due to disputes over redevelopment.<ref> In 2006, Silverstein Properties transferred development rights for both 5 WTC and 1 WTC in return for Liberty bond financing allocated for 2, 3, and 4 WTC.<ref> Demolition of the Deutsche Bank Building commenced in March 2007 and concluded by 2011. Simultaneously, preparations along Liberty Street readied the northern section of the site for future projects. Construction began on both the Vehicular Security Center and Liberty Park, which were completed by 2016.
Plans during the 2000s and 2010s
On June 22, 2007, the Port Authority revealed that JPMorgan Chase would invest $290 million to lease the parcel until 2011 for a proposed 42-story tower. Following its acquisition of Bear Stearns in March 2008, JPMorgan Chase relocated its investment banking headquarters to Bear Stearns' existing building at 383 Madison Avenue, abandoning plans for erecting a skyscraper at 130 Liberty Street. Alternatives such as converting the planned tower into residential or mixed-use space were considered. Demolition work on the former Deutsche Bank building resumed on May 1, 2008.
By May 2009, due to the Great Recession and ongoing disagreements with Silverstein Properties, the Port Authority aimed to reduce the size of towers 2 and 3 WTC and postponed construction of 5 WTC. Silverstein sought funding support for two towers; however, the Port Authority agreed to finance only one. Efforts by Mayor Michael Bloomberg to facilitate negotiations did not succeed. A July 2009 proposal to relocate the Performing Arts Center to 130 Liberty Street was ultimately declined. Silverstein suggested arbitration in July and formally initiated it in August, pursuing $2.7 billion in damages. In January 2010, an arbitration panel ruled that the Port Authority owed no damages but invalidated a clause requiring Silverstein to relinquish unfinished towers by 2014.
In March 2010, responsibility for developing 5 World Trade Center was transferred to the Port Authority along with One World Trade Center, the National September 11 Memorial & Museum, the transportation center, and associated infrastructure projects. Silverstein Properties retained development rights for towers 2, 3, and 4. New York University expressed interest in expanding into space at 5 World Trade Center as part of its NYU 2031 initiative; however, this plan was eventually declined. The Deutsche Bank Building demolition was finalized in February 2011; subsequently construction began on the Vehicular Security Center and Tour Bus Parking Facilities. The Port Authority officially assumed control over site development on September 1, 2011, integrating it into the broader World Trade Center complex.
In October 2011, Governor Andrew Cuomo signed an agreement to rebuild St. Nicholas Greek Orthodox Church adjacent to future Liberty Park atop the Vehicular Security Center. By December of that year, Phase Two construction of the South bathtub continued with excavation and concrete pouring activities. Ground preparation for construction was completed by mid-2013; plans included a nearby pedestrian walkway connecting to a supermarket. By 2014, this area had been converted into temporary parking facilities serving Port Authority Police Department vehicles.
Revival of plans
In June 2019, following an agreement between the Port Authority of New York and New Jersey and the Lower Manhattan Development Corporation to share revenues, a joint Request for Proposals (RFP) was issued. By November 2019, it was announced that Silverstein Properties and Brookfield Properties would collaborate to develop the site, a partnership officially confirmed in February 2021 alongside the unveiling of a new design and a construction timeline set for 2023. Silverstein evaluated two development options: a 60-story tower containing 810 affordable housing units or an 80-story structure offering 1,620 apartments.
By early 2023, the proposal included allocating 25 percent of the units as affordable housing, prompting objections from organizations such as the Coalition for a 100% Affordable 5WTC, which called for all residences to be dedicated to first responders and survivors of the September 11 attacks. In May 2023, the state consented to designate 30 percent (360 units) as affordable housing but raised the income eligibility limits. The Public Authorities Control Board approved a plan in July 2023 for a total of 1,200 residential units, with 400 affordable apartments—20 percent of which are reserved specifically for individuals who lived or worked in Lower Manhattan during the events of September 11.
Design
The initial design by Kohn Pedersen Fox envisioned a 42-story tower featuring a seven-floor cantilever beginning at the twelfth floor, designed to accommodate JPMorgan Chase's expansive trading floors above the St. Nicholas Greek Orthodox Church, making it taller than 7 World Trade Center. As of September 2013, while the Lower Manhattan Development Corporation and Port Authority were actively marketing the site, detailed building plans had not yet been released.
In June 2018, New York YIMBY reported on a new concept showcasing a glass-clad tower with a triangular design element reminiscent of David Childs’ 1 WTC, approximately 70 stories in height, indicating intentions for another supertall structure in the vicinity.
By February 2021, Silverstein Properties and Brookfield Properties announced plans for an 80-story mixed-use skyscraper. This building will offer around residential space spread over 69 floors, comprising 1,325 units with roughly 30% (about 360) allocated as permanent affordable housing. The podium will include lobby areas, retail space totaling , two floors dedicated to public amenities encompassing , an additional floor with public space covering , and six floors containing office space measuring . Construction is slated to commence in 2024 with an expected duration of five years.
Scale models were publicly displayed in September 2024; however, Silverstein was still in the process of securing financing at that time.