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Old September 21st, 2011, 09:12 PM   #2261
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That's still weird. Being in one's own building is a huge advantage. Owners can make whatever they want, tenants not
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Old September 21st, 2011, 09:16 PM   #2262
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New vertical steel went up today. That's floors 51 and 52 (or 42 and 43 under the old floor counting). 3 more office and 1 mech floor before the trapezoid floors.
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Old September 21st, 2011, 09:23 PM   #2263
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The trapezoid floors should begin at 218 meters, right?
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Old September 21st, 2011, 09:26 PM   #2264
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Quote:
Originally Posted by Kanto
That really is weird. 1WTC is their property yet they don't use it as headquarters. That doesn't make sense
Maybe they wanted to leave the office space of 1WTC for high paying tenants? - more money for the PA
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Old September 21st, 2011, 09:41 PM   #2265
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How much does the PA pay for the space at 4WTC? If less than what a 1WTC tenant would then it's good, if more, then it's bad. Though if less then I'm puzzled as to why did Larry accept such a deal. Did the government force him to? also, from what I heared the PA wants to get outta office space business so having a HQ at 4WTC makes even less sense. Though I could be wrong, I dunno. I apologize if I am
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Old September 21st, 2011, 09:49 PM   #2266
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Beautiful Chai Tower
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Old September 21st, 2011, 09:57 PM   #2267
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Now that was fast..
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Old September 21st, 2011, 10:09 PM   #2268
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Very fast. But I am not going to complain :-)

Maybe they want to top out before the slow pokes over at WTC 1 top out.
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Old September 21st, 2011, 10:13 PM   #2269
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2 floors in 8 days..They supposed to do it a floor per week..Amazing..
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Old September 21st, 2011, 10:47 PM   #2270
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Quote:
Originally Posted by Kanto View Post
That really is weird. 1WTC is their property yet they don't use it as headquarters. That doesn't make sense
Well, the reason I find it hard to believe, is because they had their previous location at the North Tower.

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Tower 4 needed tenants and MTA needed a headquarter. It makes sense to me. Plus the MTA owns the whole site.
MTA?

I had a dream there was an observation deck on the "roof" to this building a few months ago...
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Old September 21st, 2011, 10:59 PM   #2271
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Well, the reason I find it hard to believe, is because they had their previous location at the North Tower.



MTA?

I had a dream there was an observation deck on the "roof" to this building a few months ago...
Sorry about that. I was in the Hudson Yard thread earlier. I meant PA.
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Old September 21st, 2011, 11:29 PM   #2272
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How much does the PA pay for the space at 4WTC? If less than what a 1WTC tenant would then it's good, if more, then it's bad. Though if less then I'm puzzled as to why did Larry accept such a deal.
Did the government force him to? also, from what I heared the PA wants to get outta office space business so having a HQ at 4WTC makes even less sense. Though I could be wrong, I dunno. I apologize if I am
Going off memory, the PA is paying about $60 a square foot. Which will gradually rise every 5 years by x%. They also have a 30-year lease.

They are paying less rent in T4 than T1. This is a government/public agency. Their revenue comes from the taxpayers. Silverstein can't charge them high rents, and the public isn't going to tolerate the PA paying above market rents when their is plenty of other lower quality/cheaper office space available.

Just because the PA wants out of the commercial real estate development field, doesn't mean they no longer need office space.
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Old September 21st, 2011, 11:35 PM   #2273
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Makes sense I guess. But if going for minimum cost why does the PA take class A office space? Won't the taxpayers object to that and say that class B would be enough for them?
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Old September 22nd, 2011, 01:34 AM   #2274
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Makes sense I guess. But if going for minimum cost why does the PA take class A office space? Won't the taxpayers object to that and say that class B would be enough for them?
Nobody says they have to go with the cheapest. And most accept the fact in order to rebuild the WTC, they need to anchor a tower. There not paying the highest rents in the city, and not the lowest.
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Old September 22nd, 2011, 07:26 AM   #2275
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Kanto your shoulders must be tired.

Dan and Dino, do you know something we don't? I haven't seen a pic of new vertical steel up yet..
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Old September 22nd, 2011, 07:32 AM   #2276
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Kanto your shoulders must be tired.

Dan and Dino, do you know something we don't? I haven't seen a pic of new vertical steel up yet..
http://www.video-monitoring.com/cons...itv/silver.htm

You'll find your proof there.
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Old September 22nd, 2011, 04:26 PM   #2277
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Not at the moment he won't, all fogged in

But it is a light fog without rain so hopefully it isn't interferring with actual work. When it lifts maybe we'll see yet more steel up
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Old September 22nd, 2011, 06:11 PM   #2278
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Port Authority nears bond deal to finance 4 WTC construction

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After a five-month effort, the Port Authority of New York & New Jersey has found a way to sell bonds financing the World Trade Center construction while appeasing existing Port Authority bondholders, the Wall Street Journal. As The Real Deal previously reported, if an agreement were not reached by the end of the year, Silverstein Properties would not have enough funding to continue construction on the 72-story 4 World Trade Center.

Port Authority had wanted to issue World Trade Center bonds. To ensure low interest rates it had intended to make the debt obligations on those bonds a priority over the general obligation bonds the agency had previously sold.

But general obligation bondholders, including Fidelity Investments, argued that such a move would be illegal, violating the bond documents that made them the preferred bondholders -- crucial to their bonds' values.

After months of debate with those initial bondholders, Port Authority is in the early stages of appeasing their demands and issuing World Trade Center bonds that don't have debt obligation priority over the general obligation bonds.

Though the debt would cost the agency tens of millions more dollars, it would provide financing for, and prevent a stoppage of, construction at 4 World Trade Center. The proposal still needs approval from the agency board and investors.

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Old September 22nd, 2011, 06:14 PM   #2279
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Quote:
Originally Posted by oilmanjr View Post
Kanto your shoulders must be tired.

Dan and Dino, do you know something we don't? I haven't seen a pic of new vertical steel up yet..
Wait for fog to get the hell away and then check out the webcam..
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Old September 22nd, 2011, 11:42 PM   #2280
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I don't have Silverlight..
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