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Old February 27th, 2014, 04:16 AM   #3661
weidncol
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Apparently that one tenant is not enough to fund the tower still.
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Old February 27th, 2014, 04:38 AM   #3662
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As per Jan 28 WSJ article-

Silverstein Seeks New Debt Deal for WTC Complex
http://online.wsj.com/news/articles/...48923643155470




Larry Silverstein, the 82-year-old developer who has played a major role in rebuilding the World Trade Center complex, is trying to wrangle better financing from government agencies to restart work on a $2.3 billion office tower on the New York site, according to people familiar with the matter.

Last month, Mr. Silverstein signed his first lease for 3 World Trade Center with a division of advertising giant WPP WPPGY -1.02% PLC. He hailed the deal as a big step toward resuscitating the project, which is supposed to rise to almost the height of the Empire State Building but is stalled at eight stories.

Executives at Mr. Silverstein's Silverstein Properties Inc. have told government officials that they believe they need to restructure a four-year-old municipal-financing package to resume construction upward, the people said.

Four-fifths of the tower's 2.5 million square feet remain available as vacancy rates rise in Downtown Manhattan, largely because of space in other new World Trade Center developments hitting the market.

Meanwhile, the municipal-bond market last year posted its worst year since 1994, with a loss of 2.55% for the Barclays Municipal Bond Index. While prices have rebounded some this month, it remains challenging for borrowers, especially in a soft leasing environment.

"There's demand but it's tempered demand right now for munis," says Robert DiMella, co-head of MacKay Municipal Managers. "They are not going to be able to come with just any structure and think the market will absorb it," he says of the possible 3 World Trade financing.

Facing these difficulties, Silverstein executives are in discussions with the state, city and Port Authority of New York and New Jersey to remake a municipal-financing deal that the developer struck with the government agencies in 2010, people familiar with the matter said.

"There are a number of potential modifications to the 2010 agreement that could both enhance the public sector position and benefit the overall project," said Scott Rechler, the Port Authority's vice chairman. "It is only prudent for us to consider those alternatives."

It is unusual for private developers to have access to tax-exempt municipal-bond financing for office-building projects. But little has been typical about the rebuilding of the World Trade Center in the 12 years since the Sept. 11 terrorist attack that destroyed the former complex.

Mr. Silverstein, who signed a 99-year lease for the office space in the complex less than two months before the attack, fought for years with insurance companies, government agencies and others over who would rebuild it and who would pay for it.

Ultimately the Port Authority, which owns the site, and Silverstein agreed the private developer would have the rights to build three towers with more than 7 million square feet. The Port Authority is building the 1,776-foot One World Trade Center tower, set to open next year.

Silverstein's 4 World Trade Center opened last year, the first new office building on the 16-acre site.

The Port and city and state governments also gave Silverstein access to municipal-bond financing through Liberty Bonds, a program tied to the rebuilding of Lower Manhattan, and federal stimulus dollars.

Under a compromise reached in 2010, Silverstein was to finance 3 World Trade Center with $464 million in insurance proceeds and other funds; $210 million in grants from the city and state; $300 million in tax-exempt mezzanine bonds; and $1.3 billion in a mix of Liberty and stimulus bonds. The government agencies agreed to back $390 million of that $1.3 billion in debt.

Silverstein now is discussing raising more private money in exchange for changes to the government debt guarantee, people familiar with the talks said.

Real-estate finance experts consider it highly unlikely Silverstein would be able to move forward today with 3 World Trade Center with conventional construction financing, which is typically more expensive and less available than borrowing by selling municipal bonds.

But the muni market also is no sure thing. It suffered last year due to rising interest rates, Detroit's bankruptcy and speculation of a Puerto Rico debt restructuring. Investors withdrew $63.5 billion from muni-bond funds during the year, the most since fund tracker Lipper started recording the data in 1992.

Adding to the challenge is the sluggish Manhattan office market. Manhattan rents rose 6.5% last year to $63.40 per square foot, which is still 13.1% below the 2008 peak, according to Cushman & Wakefield Inc.

Lower Manhattan is particularly challenged by high levels of empty space, although it has had success recently luring advertising and media firms from Midtown. Construction of 3 World Trade would add another 2 million square feet of unleased space to a site that already has more than 2 million square feet of vacant space.
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Old February 27th, 2014, 05:46 AM   #3663
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The same place as 3WTC... nowhere.
I applaud you for that one.
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Old February 27th, 2014, 06:38 AM   #3664
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Quote:
Originally Posted by Vertical_Gotham View Post
As per Jan 28 WSJ article-

Silverstein Seeks New Debt Deal for WTC Complex
http://online.wsj.com/news/articles/...48923643155470




Larry Silverstein, the 82-year-old developer who has played a major role in rebuilding the World Trade Center complex, is trying to wrangle better financing from government agencies to restart work on a $2.3 billion office tower on the New York site, according to people familiar with the matter.

Last month, Mr. Silverstein signed his first lease for 3 World Trade Center with a division of advertising giant WPP WPPGY -1.02% PLC. He hailed the deal as a big step toward resuscitating the project, which is supposed to rise to almost the height of the Empire State Building but is stalled at eight stories.

Executives at Mr. Silverstein's Silverstein Properties Inc. have told government officials that they believe they need to restructure a four-year-old municipal-financing package to resume construction upward, the people said.

Four-fifths of the tower's 2.5 million square feet remain available as vacancy rates rise in Downtown Manhattan, largely because of space in other new World Trade Center developments hitting the market.

Meanwhile, the municipal-bond market last year posted its worst year since 1994, with a loss of 2.55% for the Barclays Municipal Bond Index. While prices have rebounded some this month, it remains challenging for borrowers, especially in a soft leasing environment.

"There's demand but it's tempered demand right now for munis," says Robert DiMella, co-head of MacKay Municipal Managers. "They are not going to be able to come with just any structure and think the market will absorb it," he says of the possible 3 World Trade financing.

Facing these difficulties, Silverstein executives are in discussions with the state, city and Port Authority of New York and New Jersey to remake a municipal-financing deal that the developer struck with the government agencies in 2010, people familiar with the matter said.

"There are a number of potential modifications to the 2010 agreement that could both enhance the public sector position and benefit the overall project," said Scott Rechler, the Port Authority's vice chairman. "It is only prudent for us to consider those alternatives."

It is unusual for private developers to have access to tax-exempt municipal-bond financing for office-building projects. But little has been typical about the rebuilding of the World Trade Center in the 12 years since the Sept. 11 terrorist attack that destroyed the former complex.

Mr. Silverstein, who signed a 99-year lease for the office space in the complex less than two months before the attack, fought for years with insurance companies, government agencies and others over who would rebuild it and who would pay for it.

Ultimately the Port Authority, which owns the site, and Silverstein agreed the private developer would have the rights to build three towers with more than 7 million square feet. The Port Authority is building the 1,776-foot One World Trade Center tower, set to open next year.

Silverstein's 4 World Trade Center opened last year, the first new office building on the 16-acre site.

The Port and city and state governments also gave Silverstein access to municipal-bond financing through Liberty Bonds, a program tied to the rebuilding of Lower Manhattan, and federal stimulus dollars.

Under a compromise reached in 2010, Silverstein was to finance 3 World Trade Center with $464 million in insurance proceeds and other funds; $210 million in grants from the city and state; $300 million in tax-exempt mezzanine bonds; and $1.3 billion in a mix of Liberty and stimulus bonds. The government agencies agreed to back $390 million of that $1.3 billion in debt.

Silverstein now is discussing raising more private money in exchange for changes to the government debt guarantee, people familiar with the talks said.

Real-estate finance experts consider it highly unlikely Silverstein would be able to move forward today with 3 World Trade Center with conventional construction financing, which is typically more expensive and less available than borrowing by selling municipal bonds.

But the muni market also is no sure thing. It suffered last year due to rising interest rates, Detroit's bankruptcy and speculation of a Puerto Rico debt restructuring. Investors withdrew $63.5 billion from muni-bond funds during the year, the most since fund tracker Lipper started recording the data in 1992.

Adding to the challenge is the sluggish Manhattan office market. Manhattan rents rose 6.5% last year to $63.40 per square foot, which is still 13.1% below the 2008 peak, according to Cushman & Wakefield Inc.

Lower Manhattan is particularly challenged by high levels of empty space, although it has had success recently luring advertising and media firms from Midtown. Construction of 3 World Trade would add another 2 million square feet of unleased space to a site that already has more than 2 million square feet of vacant space.
He is not going to get anything better...
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Old February 27th, 2014, 08:27 PM   #3665
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*The following information was last updated on February 26, 2014.

Preparations to continue steel-superstructure erection in early 2014

Superstructure construction completion TBA

3 WTC expected to open in mid-2017

Utilities and other building-operating-systems installation

The tower's "podium" reached its current seven-story height in September 2012; curtain wall installation underway
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Old February 27th, 2014, 11:12 PM   #3666
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Quote:
Originally Posted by StrongIsland View Post
*The following information was last updated on February 26, 2014.

Preparations to continue steel-superstructure erection in early 2014

Superstructure construction completion TBA

3 WTC expected to open in mid-2017

Utilities and other building-operating-systems installation

The tower's "podium" reached its current seven-story height in September 2012; curtain wall installation underway
Um, it's going to be March in 2 days and there hasn't been any (clear) sign of preparation at all. And just some weeks ago, it was stated the tower's construction still isn't able to go ahead because not all the necessary funding has been put in place. So what are they talking about?
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Old February 28th, 2014, 04:27 AM   #3667
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Idk I just posted what I saw lol but I have no doubts it's going up...he has an anchor tenant what an embarrassment it would be if they backed out because of delays in constructing this...
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Old March 4th, 2014, 06:05 AM   #3668
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Skadden, Arps, Slate eyes possible move to Manhattan West or WTC
http://nypost.com/2014/03/03/skadden...ble-2020-move/


Skadden, Arps, Slate, Meagher & Flom, which shares the Durst Organization‚€™s game-changing 4 Times Square with Condť Nast, has its eye on newer pastures when its lease expires in 2020.

It sounds like a long way off ‚€” but planning takes that long when a company is weighing a move to new towers that won‚€™t be finished for several years.
Skadden Arps, we‚€™re told, has sent out a request for proposals for around 450,000 square feet to Larry Silverstein and Brookfield Properties, among others.

Silverstein, of course, is developing three World Trade Center towers, including the completed 4 WTC, which is still seeking its first private-sector tenant.
Brookfield is itching to start building at Manhattan West, its five-acre site between Ninth and Tenth avenues in the West 30s.

An exit by Skadden Arps would mark a turning of the page in its neighborhood‚€™s commercial history.

Although 4 Times Square is often called the ‚€œCondť Nast building,‚€ it‚€™s been as much the ‚€œSkadden Arps building‚€ since Douglas Durst in 1999 opened the tower, which first established the ‚€œnew Times Square‚€ as a prime office district.
Of course, Skadden Arps, which also has space at 1440 Broadway, might well be using the RFP to wrest more favorable renewal terms from Durst.
The powerful corporate law firm will soon be 4 Times Square‚€™s only office tenant, once Condť Nast moves to the Port Authority‚€™s and Durst‚€™s 1 WTC early next year.

Asked to comment on Skadden‚€™s RFP, Durst rep Jordan Barowitz said, ‚€œThey are doing their due diligence, and if they are interested in new construction they have to begin that process now.‚€

Reps for both Brookfield and Silverstein declined to comment.
Skadden Arps‚€™ broker, Jones Lang LaSalle New York president Peter Riguardi, was traveling and could not be reached by press time.
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Old March 4th, 2014, 06:24 AM   #3669
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I'm rooting for 3WTC. The more it gets filled, the more we get closer to 2WTC getting off the ground.
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Old March 4th, 2014, 06:26 AM   #3670
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I agree, since this one has already started it would be best just to go to 3WTC.
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Old March 6th, 2014, 01:58 PM   #3671
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3WTC probably only needs this one (they have already leased out another 500K) to get going again.
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Old March 12th, 2014, 05:36 AM   #3672
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[IMG]http://i61.************/2yod405.jpg[/IMG]
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Old March 12th, 2014, 05:55 AM   #3673
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What is the current planned height for roof and spires?
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Old March 12th, 2014, 08:26 AM   #3674
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Quote:
Originally Posted by weidncol View Post
What is the current planned height for roof and spires?
1170 to the spires according to the official site and just shy of 1100 to the roof

Official figures have not been released though.
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Old March 12th, 2014, 08:56 PM   #3675
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Wonder what he's doing...

(Click for larger image)
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Old March 12th, 2014, 09:00 PM   #3676
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Old March 12th, 2014, 09:30 PM   #3677
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Originally Posted by weidncol View Post
Wonder what he's doing...

(Click for larger image)
I feel so sad for getting exicted over a man walking around on the top of the podium... likelyhood is he could be inspecting it to see if everything's ok on the roof.
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Old March 12th, 2014, 09:32 PM   #3678
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Remember last week when we all got excited about them removing snow lol
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Old March 12th, 2014, 09:46 PM   #3679
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Wonder what he's doing...

(Click for larger image)
Clearly, he's erecting steel. We're going vertical, baby!
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Old March 12th, 2014, 09:47 PM   #3680
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Man on the roof? Must mean construction is about to resume.
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