Fitzgerald to quit Union Sq.
the company hardest hit in the World Trade Center attacks, has
cancelled plans to build a headquarters at Union Square.
It will still get more than $20 million in aid for some new facility,
though a site is still undetermined.
"We're looking both downtown and in other areas of the city," said Kent
Karosen, the Cantor executive leading the effort to find a new home.
Last year, Cantor negotiated with Vornado Realty to buy part of 4 Union
Square South, which once housed a Bradlees discount store. Cantor
chairman Howard Lutnick also pressed for government aid for his
company, which lost 658 employees on Sept. 11.
Cantor backed away from Union Square because Vornado chief Steve Roth
"wanted to move at a very fast-time pace," Karosen said. A Vornado
spokeswoman declined comment.
Meanwhile, the Lower Manhattan Development Corp. will vote tomorrow on
a $33 million grant for companies that suffered a "disproportionate
loss" on Sept. 11, said spokesman Matt Higgins. Cantor is expected to
get about $24 million of that to build a new home and trading floor,
Cantor isn't required to use the money to relocate in lower Manhattan.
But execs said the company isn't close to finding a site anyway. It has
hired Cushman & Wakefield to assist.
Cantor could get the money as early as June, after receiving final
approval from the Department of Housing and Urban Development.
Reprinted from 5-14-03 Ny Daily News by-Eric Herman, whose column runs
on Wednesdays, writes about real estate, taking a weekly look at the
people and power-brokers who shape the city's skyline..
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