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Old December 23rd, 2013, 10:12 PM   #3401
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Star wars quotes, eh?

Good, GroupM, good.

Now awaiting 2 WTC's revivial!
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Old December 23rd, 2013, 10:26 PM   #3402
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Merry almost Christmas and a Festivus for the rest of us



...soon
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Old December 23rd, 2013, 10:32 PM   #3403
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Silverstein Completes Deal With GroupM for 3 World Trade
http://www.bloomberg.com/news/2013-1...rld-trade.html

Quote:
GroupM, the London-based media-buying and planning division of WPP Plc (WPP), plans to move about 2,400 employees from several midtown Manhattan locations when the tower opens in 2017
Quote:
Under a 2010 agreement, Silverstein had to lease at least 400,000 square feet at 3 World Trade Center and raise at least $300 million of financing before qualifying for government subsidies and loans.
To get $300 Million financing is a cake walk to get the rest.
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Old December 23rd, 2013, 10:43 PM   #3404
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Quote:
Originally Posted by Vertical_Gotham View Post
Silverstein Completes Deal With GroupM for 3 World Trade
http://www.bloomberg.com/news/2013-1...rld-trade.html



To get $300 Million financing is a cake walk to get the rest.
I think he's getting some of the necessary $300 million from funds that were earmarked for 2WTC under the original plan with the PA. I believe it's a combination of Liberty Bonds and some of the $4.75 billion in insurance money Silverstein and the PA were awarded. Each tower was allocated some of that funding for their initial construction. Now they'll just use some accouting gimmicks and move around the money to 3WTC.

Silverstein probably has most of the $300 million already.
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Old December 23rd, 2013, 11:19 PM   #3405
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I look forward to seeing this bad boy rise!
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Old December 23rd, 2013, 11:34 PM   #3406
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A little more information about the deal Silverstein has regarding 3WTC.

More W.T.C. risk for Silverstein, but bigger potential payday

By Josh Rogers
March 26 - april 1, 2010

"...If Silverstein can pre-lease 400,000 square feet of Tower 3, and raise $300 million privately, the Port, New York City and State would guarantee $390 million of financing support needed to build the tower over the stores..."

"...under the new framework, the Port, city and state will only get a shared 15 percent of Tower 3 in exchange for a partial backstop. The 15 percent would be paid if Silverstein’s firm ever sold or refinanced the tower..."

"...No public money would go to build Tower 3 until Silverstein raised the $300 million and signed tenants to 400,000 square feet for at least $60 a square foot. At that point, the city would forgo the $130 million they would have eventually collected in taxes from Silverstein for the middle tower on Church St., and the state would invest $80 million in equity. Silverstein would also get backing for $390 million in loans in order to help him sell the tax-free bonds. The Port would support $200 million in loans, the state $120 million and the city $70 million..."
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Old December 23rd, 2013, 11:48 PM   #3407
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Last edited by McSky; December 24th, 2013 at 11:52 PM.
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Old December 24th, 2013, 01:37 AM   #3408
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Great Christmas present for New York City and everyone who likes skyscrapers! Hopefully we'll see the same thing happen for 2WTC in the next year!
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Old December 24th, 2013, 02:01 AM   #3409
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I guess we can all say it's a early Christmas Miracle.
[IMG][/IMG]
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Last edited by Shakkur98; December 24th, 2013 at 02:09 AM.
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Old December 24th, 2013, 02:10 AM   #3410
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Go Tower 3!!!
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Old December 24th, 2013, 06:19 AM   #3411
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In case anyone likes to know how this is all financed, here are some excerpts from the PA's Aug 26, 2010 Board Meeting,
http://www.panynj.gov/corporate-info...ug_26_2010.pdf

page 189-190
"...The construction and lease-up of T3 would be funded by total financial sources of approximately $2.352 billion, including approximately $978 million of proceeds from Liberty Bonds, approximately $401 million of taxable bonds, $300 million of proceeds of either third party mezzanine debt (which is currently anticipated to be comprised of Liberty Bonds) or SPI equity or any combination thereof, $210 million of capital contributions provided by NYC and NYS, approximately $404 million of insurance proceeds (including amounts previously expended by SPI for T3’s development and construction, rent, fees and administrative costs), approximately $9 million of estimated earnings on the bond proceeds, and approximately $51 million of insurance proceeds previously allocated to T2 and currently earmarked for T3 rent. The final terms of the Liberty Bonds financing would be subject to the approval of the Port Authority..."

Also from page 190,
"...SPI currently intends to use a portion of the tax-exempt Liberty Bonds allocation to T3 as third party mezzanine financing to provide an estimated $250 million of the required $300 million in subordinate financing"



*But I think the costs may be lower since the value-engineering. I believe since this report, Silverstein dropped the cross-bracing. So the tower is probably cheaper than what's quoted here. Still interesting stuff.
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Old December 24th, 2013, 07:27 AM   #3412
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I like this building. Now that construction is at hand, it's only going to get better.
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Old December 24th, 2013, 10:21 AM   #3413
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My guess is March 2014 when official construction will begin. It will take them a couple of months to get all money in place as well as the construction crews and building materials.
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Old December 24th, 2013, 04:14 PM   #3414
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So, if I understand correctly, this project could be financed with $1.3 billion by GroupM and other $0.7 billion Silverstein must find somewhere else?
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Old December 24th, 2013, 04:35 PM   #3415
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I like the fact this will be build because it´s needed, and not on spec. Spec buildings can be succesful ala 51 Astor Place, but throwing in 100k´s of unleased office space is not really good to the market at all. Now i will sit back and watch this one rise, and i am sure Tower two will get an anchor tenant as well. :-) May the super futuristic lower Manhattan come.
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Old December 24th, 2013, 06:23 PM   #3416
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Surely, the news amounts to an invaluable Christmas gift. Next Christmas gift.....2 WTC??
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Old December 24th, 2013, 06:26 PM   #3417
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Since the Coach tower is almost leased out and a big part of the North tower of the HY is leased, and throwing in the scarce of class A office space in this city, i am quite sure it won´t take one full year to find a tenant for tower two.
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Old December 24th, 2013, 06:26 PM   #3418
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Am I right in saying that larger section at the bottom of 3WTC is near enough complete?
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Old December 24th, 2013, 06:33 PM   #3419
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Quote:
Originally Posted by germantower View Post
Since the Coach tower is almost leased out and a big part of the North tower of the HY is leased, and throwing in the scarce of class A office space in this city, i am quite sure it won´t take one full year to find a tenant for tower two.
At the least, It can be wished really bad in a year's time frame.
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Old December 24th, 2013, 06:36 PM   #3420
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Quote:
Originally Posted by jamesholland View Post
Am I right in saying that larger section at the bottom of 3WTC is near enough complete?
It should be one touch sigh of the final one!
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