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Old February 10th, 2007, 02:49 AM   #201
TalB
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I will not find another delay to be something new, and Pataki was never good at keeping deadlines in the past anyway.
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Old February 10th, 2007, 04:40 AM   #202
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Why are we not surprised about more delys at Ground Zero. Just when things finally started to get going...
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Old February 10th, 2007, 09:33 AM   #203
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OMG again. .
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Old February 10th, 2007, 10:19 AM   #204
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Quote:
Originally Posted by TalB View Post
Who knows? A pause might even prompt Spitzer to finally drop "Freedom Tower" and call the project by its rightful name: 1 World Trade Center.
hear hear
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Old February 10th, 2007, 06:20 PM   #205
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Taken a few weeks ago by the PANYNJ.










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Old February 10th, 2007, 06:42 PM   #206
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Good update
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Old February 10th, 2007, 09:07 PM   #207
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Amazing pics! Thanks for posting.
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Old February 10th, 2007, 09:34 PM   #208
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Thank you Ebola
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Old February 10th, 2007, 09:46 PM   #209
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Thanks for the update, but can someone explain to me whats going on and what are those metal things sticking up. and when the core is gonna start rising?
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Old February 10th, 2007, 10:17 PM   #210
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breathtakeing pics
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Old February 11th, 2007, 11:35 PM   #211
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would like the such pics from this month
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Old February 11th, 2007, 11:40 PM   #212
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Awesome pictures!

Good work.
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Old February 12th, 2007, 12:34 AM   #213
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Spitzer May Seek to Save a Beloved Staircase at Ground Zero

By DAVID W. DUNLAP
Published: February 11, 2007
nytimes.com

The “survivors’ stairway” at ground zero may survive a bit longer.
Until last week, it appeared that the badly battered staircase to the plaza around the twin towers — still rising 21 feet over Vesey Street as it did on Sept. 11, 2001, when survivors of the attack on the World Trade Center stumbled down its granite steps to safety — would almost certainly be dismantled, with only its treads and landings saved as commemorative artifacts.

On Friday, however, the Spitzer administration said its days were not necessarily numbered.

“We certainly recognize the emotional significance of the staircase to so many New Yorkers,” said Avi Schick, the downstate chief operating officer and president of the Empire State Development Corporation, a state agency.

The developer Larry A. Silverstein has said the staircase cannot stay in its current location, where he is planning a 78-story office building known as Tower 2.

And the World Trade Center Memorial Foundation has said that moving the entire 64-foot-long, 175-ton staircase to the memorial plaza or the underground memorial museum would confuse visitors and compromise the design.

But Mr. Schick, who was appointed by the new governor, Eliot Spitzer, said: “Those who are distressed by the reluctance of others to incorporate the staircase into the towers or the memorial should take comfort in the fact that we have not made a decision. We continue to invite public comment.”

A subsidiary of his agency is conducting a federally required preservation review.

The staircase must be moved to permit excavation of the Tower 2 site. At issue is whether it will be saved in its entirety and, if so, where it will go.

Preservationists have said the staircase should be kept intact and in place as the last three-dimensional aboveground link to the World Trade Center complex. And there are survivors who cherish the staircase as a tangible emblem of their awful journey on 9/11 and of their endurance.

But some neighbors look at the staircase as an unsightly ruin and an impediment to progress at the site.


The “survivors’ stairway” from the plaza at the twin towers to Vesey Street, in November 2005.
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Old February 13th, 2007, 03:55 AM   #214
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http://money.cnn.com/2007/02/12/news...nter/index.htm
Private funds eyed for WTC site

Report says government agency is talking to private equity firms, hedge funds to take stake in $3 billion 'Freedom Tower' that will replace twin towers.
February 12 2007: 9:48 AM EST



NEW YORK (CNNMoney.com) -- The government agency that owns the World Trade Center site is trying to attract private equity or hedge funds into investing in the $3 billion replacement Freedom Tower, according to a published report.

The Wall Street Journal reports that the agency, the Port Authority of New York and New Jersey, also is in talks to sell development rights to one of the five planned skyscrapers there to J.P. Morgan Chase & Co (Charts).

The paper said that if the agency is able to win commitment of significant private-sector money, it would be a major advance for the development, which has struggled to advance so far by basically using only government support and insurance proceeds.

Robert Sammons, director of research for the real-estate services firm Colliers ABR Inc., told the paper there has been a recent a flood of investors - from private-equity firms to pension firms to foreign interests - looking to own a piece of Manhattan commercial real estate.

"Certainly you're not going to find a better time to try to sell that equity interest," he told the Journal. Just last week, private equity firm Blackstone Group won a bidding war for Equity Office Properties (Charts), the nation's No. 1 owner of office buildings, with a $23 billion bid.

The foundation of the Freedom Tower, the key building in the development, is now under construction, with lease commitments from the federal and New York state governments to take one million of the 2.6 million square feet of available office space.

But at a symbolic 1,776 feet tall, some worry that the tower that will be about 400 feet taller than the former twin towers and will be a terrorist target, and that it could have trouble attracting tenants worried about an attack. The first 200 feet of the tower will be taken up by a mostly unoccupied concrete structure to protect the building from possible truck bombs. It is due to be completed in 2012.

Because of those obstacles, the paper says a deal for ownership of the Freedom Tower is not imminent.

But a deal for Tower 5 of the complex could be as close as a month, the paper reports, with J.P. Morgan considering the purchase of a long-term ground lease from the Port Authority to build and occupy a 57-story, 1.6 million-square-foot office building.

Still, the paper reports there are problems with the plans being discussed for Tower 5. The plot is currently occupied by the building that formerly housed the New York offices of Deutsche Bank AG (Charts). Demolition of that building, which was seriously damaged in the attacks but remained standing, has been slowed by environmental concerns and the discovery on its roof of human remains from the attacks.

The current footprint of Tower 5 also is not big enough for the trading operations planned by JP Morgan Chase. To expand its footprint would involve encroaching on adjacent land, currently reserved for a park and to rebuild a Greek Orthodox church that was also destroyed in the attack.

Still if there are deals to develop Tower 5 and for equity investment in the Freedom Tower, the Journal reports it would be a blow for private developer Larry Silverstein, who had the lease to the former Twin Towers and is using insurance proceeds from those buildings' destruction to build three other office towers on the World Trade Center site.

Spokesmen for Silverstein and the Port Authority would not comment to the Journal.
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Old February 13th, 2007, 11:16 AM   #215
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Spitzer, in Reversal, Is Expected to Approve Freedom Tower, Officials Say

By CHARLES V. BAGLI
Published: February 13, 2007
nytimes.com

With the downtown real estate market improving rapidly, Gov. Eliot Spitzer is expected to abandon his criticism of the Freedom Tower as a looming white elephant and to approve construction of the tower, which would rise 1,776 feet at ground zero, according to city, state and Port Authority officials.

When the new governor took office in January, his administration had put the Freedom Tower, one of five towers planned for the downtown site, under review. But with tenants leasing about two-thirds of the newly completed 7 World Trade Center and vacancy rates falling in Lower Manhattan, officials say that the prospects for the 2.6-million-square-foot Freedom Tower are improving.

Officials say that the point of no return is fast approaching for the $3 billion tower. Critics of the project, who regard it as poorly designed for corporate tenants and too big and expensive, had hoped that Mr. Spitzer, or his partner at the Port Authority of New York and New Jersey, Gov. Jon S. Corzine of New Jersey, would delay or kill the project.

Mr. Spitzer is expected to make an announcement about the Freedom Tower before a Feb. 22 meeting of the authority, which plans to vote on $460 million in contracts for concrete and electrical and plumbing work on the building. Next month, there will be another $300 million in contracts for curtain walls, elevators and escalators.

A spokeswoman for the governor, Christine Anderson, declined to comment.

The Port Authority, however, was buoyant about both the downtown real estate market and the tower. “While we are pleased that the market conditions continue to be strong and that the building is on schedule and on budget,” said Stephen Sigmund, a spokesman for the authority, “we have not reached any final conclusions or moved to final authorization.”

The officials said that the governor’s change of heart is not an indication that corporations are suddenly lining up to lease space in the Freedom Tower, which some potential tenants fear is a possible terrorist target. Yet some authority executives say those anxieties are subsiding as the city’s economy improves.

Indeed, a state official and two senior executives at the authority say the authority has received unsolicited inquiries from hedge funds and investment banks about buying the tower, but officials have not taken any formal steps down that road. In the last year, the city has been awash with investors eager to invest billions in real estate, be it office towers or large residential complexes. For example, Stuyvesant Town and Peter Cooper Village, adjoining apartment complexes in Manhattan, sold for a record-breaking $5.4 billion in November.

A senior Port Authority executive said that a sale or lease to a private owner would entail the buyer’s guaranteeing that the tower would be completed on schedule. It would also mean that the authority would not have to finance nearly $1 billion to build the skyscraper, and it would not suffer continuing losses until the building was fully leased. The buyer, in turn, would enjoy the future appreciation on the property.

Still, some real estate experts questioned why the Freedom Tower was being built at the same time that the developer Larry A. Silverstein was getting ready to build three office towers with more than six million square feet of space. They complained that it had attracted only government tenants who were being forced to pay higher rents than they should.

The developer Douglas Durst and the real estate investor Anthony E. Malkin say the tower is ill conceived, the result of a hasty six-week “redesign” after the police raised security concerns.

Mr. Durst said that the value of the tower would increase over time, but added that it made little sense to build everything at once.

“People want to see an economically viable building in a resurging downtown,” Mr. Malkin said. “Why is government building a skyscraper for government tenants in what should be the most valuable cornerstone of the project, and maybe all of downtown? Private capital has shown a willingness to build, but perhaps not with this design.”

Mr. Durst and Mr. Malkin say they are continuing in the footsteps of their families.

Mr. Durst’s father, Seymour, and Mr. Malkin’s grandfather, Lawrence A. Wein, were ardent opponents of the original plan for the World Trade Center. In 1964, they formed the Committee for a Reasonable World Trade Center, which argued that the complex would flood the real estate market with subsidized space and compete unfairly with private landlords. By some accounts, the complex was not fully occupied and successful until shortly before it was destroyed.

Under the terms of a deal struck last fall, the Port Authority has taken over financial responsibility for the Freedom Tower from Mr. Silverstein. At $3 billion, the tower will cost $1,155 per square foot, which real estate experts said would require a net annual rent of as much as $80 a square foot.

The authority expects to get about $1.2 billion in insurance proceeds, $250 million from New York State and nearly $1 billion in tax-free bonds. That still leaves a considerable shortfall, although the state and federal governments have signed nonbinding agreements to lease one million square feet, or 38 percent of the skyscraper, for initial rent of $59 a square foot.

In order to get construction financing, lenders usually require private developers to secure leases for about half the space in a proposed office building. In addition, investment banks, companies often paying the highest rents in the market, have no interest in the tower, principally because the floors would be too small for trading operations.

State, city and Port Authority officials, even some who had been critical of the Freedom Tower in the past, say that the downtown market is improving faster than anyone expected. Mr. Silverstein is getting rents as high as $70 a square foot for 7 World Trade Center, they say.

JPMorgan Chase is talking with the authority about the possibility of acquiring the site of the former Deutsche Bank building near ground zero, soon to be demolished, and Midtown corporations and law firms are beginning to move downtown, drawn by rents that are 30 percent cheaper than those uptown.

Port Authority officials say that if the Freedom Tower is delayed, they will be unable to capitalize on the current market.

According to Newmark Knight Frank, a real estate firm, the vacancy rate for office space downtown has fallen to 10.3 percent, from 13.9 percent only a year ago. The Dutch bank ABN Amro recently signed a lease for 140,000 square feet at Mr. Silverstein’s 7 World Trade Center, at the northwest corner of Vesey and Greenwich Streets. But Goldman Sachs plans to vacate as much as 2 million square feet in several office buildings when it moves to its new headquarters at Battery Park City.

Barry M. Gosin, the chief executive of Newmark and a former critic of the Freedom Tower, said that he could now go “either way” on the project. “There’s some merit to building it later,” he said. “You’d get the full benefit of the created value. On the other hand, building now is fine.”
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Old February 13th, 2007, 11:53 AM   #216
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exclusive updates, thanks!!
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Old February 13th, 2007, 12:54 PM   #217
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at first i want to sure about this tower bur some of the renders and pics people have posted make it look very good!
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Old February 14th, 2007, 01:37 AM   #218
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I don't mean to rain on anyone's parade, but even if Spitzer does approove the Fraudem Tower, I don't think it could be celebrated as victory just yet. Keep in mind that both the PA and Silverstein have been unable to get the some of the insuarance money that they needed. Another thing could be that the demolition of Deustche was said to a major setback the FT and another delay was said to cause the entire site to be put on hold.
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Old February 14th, 2007, 02:00 AM   #219
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Why would the Deustche bank hold back constuction? Also i wish they could of saved the exterior that remained after they fell and reconstructed it for the memorial but im guessing its in a scrap yard.
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Old February 14th, 2007, 05:26 PM   #220
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What happens at 130 Liberty has absolutely nothing to do with the FT's progress, and I'm sure it will be fiscally sound. Some tower cranes will arrive in a few days.
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