NYC-WTC_000152373

z z o o co

?o “0 I c o CT o o' o cn "0 ro o tAi 03 CD cn o o o c 3 CD 3

station.' at securities companies that nearly 5,000 walk-in requests for aid. So is taking in $7 million a day less than nor- generally take.s in $4 million a week, esti- were in the seven Trade Center buildings far, the agency had approved 68 loans mal, said John Fox of PKF consulting, an mated that in the week after the disaster it and the adjacent World Financial Center, totalling $6.53 million. international hotel advisory firm. And that took in no more than $500,000. The implosion of the twin towers That’s just a beginning. After the does not not include food, beverages, tele­ knocked out more than 400 megawatts of Northridge, Calif., earthquake in 1994, phone, gift shop and other revenues. Fox p’ewer SHopperS electricity in lower Manhattan — enough the SBA made 125,000 loans totaling $4.1 sdid. to power 400.000 homes. Two key Con billion. Loans in New York are expected Although the total cost of lost business Federated, which operates Macy’s and Edison substations, both in the WTC, to total at least that and likely much has not been tallied, just one company — Bloomingdale’s, said sale.s were $65 mil- were knocked out. Gas and steam mains more, according to SBA spokeswoman Windows on the World, the famed restau- Bon less than expected during the week of were ruptured. Con Ed estimates the Carol Chastang. rant at the top ofthe Trade Center —had the attack, with about half of the loss cost, including laying 33 miles of cable revenue.s last year of $37.5 million. No recorded on Sept. 11. $400 million. Tourssn?, ’ hotels suffer longer. Howard Stone, regional manager for Reports of city tax revenue loss range from $1.3 billion to $3 billion. The state Verizon suffered damage to five cen- Among the hardest hit sector of the Food Emporium, estimated the loss of projects a $1 billion tax loss. tral switching offices, affecting nearly city’s economy was the city’s $25 billion spoiled food at the supermarket at Hundreds of lower Manhattan busi- 20'0,000 phone lines, and AT&T took big tourism industry and its linchpin, the Greenwich and Duane Sts. alone nt “sev- nesses have been forced to relocate to hits to its network as well. Neither com- hotel trade. eral hundred thousand dollars.” other areas of the city, where companies panv has put a price tag on repair costs. The Jacob Javits Convention Center Drew Nieporent, who with film star that had paid as little as $23 a square foot "First we fix it, then we add up all the canceled three major trade shows. Robert De Niro, owns Tribeca Grill, Nobu will now have to cough up $40 to $80 a costs,” said Jim Smith a spokesman for Broadway was forced to close five and Nobu Next Door, all located in the square foot depending on location, Verizon. P'ays, laying off more than 100 actors frozen zone, said his businesses lost length of lease and improvements, But for nearly 14,000 companies in and scores of musicians and stage crew. more than $500,000 until thev reopened The city’s once-imposing residential lower Manhattan, 5,000 of them in the ” took a $5 million loss in just one week. last week. market also has tumbled. frozen zone below Canal St., the disaster The Marriott World Trade Center hotel “Below Chambers St. it’s like a war “There is a sense of vulnerability, par- meant no light, no refrigeration, no "'as destroyed in the attack, two other zone," he said. “I haven’t let any of my ticularly in the upper floors of tali build­ phone.s — and no customers. And even hotels were damaged and a third war employees go. I’ve got 1,000 workers and ’ngs,” said Scott Durkin. chief operating after power was restored, securitv pre- closed, forcing 1,000 people out of work. I can afford to be generous. But I can’t officer of the Corcoran Group, which cautions kept clientele away. Elsewhere in the city. 2,200 more hotel afford to bankrupt myself.” specializes in resiciential real estate. “In As of Wednesday, the Federal workers — waiters, desk clerks, room The effect, of course, is felt well beyond the three days after the Emergency Management Aaencv had attendants and bell staff--have been laid lower Manhattan. The Hudson newsstand attack we had 315 rental referred ,3,263 companies and 2,414 off as fear of terrorism kept visitors at chain, for example, suffered severe!}’ from ; reductions, where the land- homeowners to the federal Small bay, according to John Turchiano of the the shutdown of air­ lord reduced the rental Business Administration for disaster Hotel Trades Council. ports and bus and ; price from $50 to $250 a assistance. The SBA also has fielded Occupancy rates, normally 90%, rail stations. The ‘ W ■ \ month on apartments.” dropped to 30%, and the industry company, which

ConEd SBA loans Loss to Broadway Loss to Lost revenue: Windows Lost city Property value of the Computer replacement costs for on the World restaurant tax revenue securities companies at WTC Initial costs to date theaters hotels World Trade Center $3.2 billion $400 million WSB $3billion to ^o biiiion a week a year