New York's Deutsche Bank building to be demolished

Work is expected to start next month on demolishing the Deutsche Bank building, a 40-storey office tower damaged in the attack on the World Trade Centre.

The skyscraper, which sits just south of ground zero has been declared beyond salvage, The New York Times reported.

Deutsche Bank had been in talks with its insurers to determine whether it would be cheaper to renovate or raze the tower, which was once valued at $US170 million ($290 million) and the paper said that a a preliminary settlement had been reached.