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Old March 19th, 2014, 02:56 PM   #3701
Eric Offereins
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Originally Posted by Wbino49 View Post
Someone tell me how wonderful Mr. Silverstein is again?
Privatize the profits, socialize the losses.....
So the question is now if the government should take those losses (or the risk at least).
I'm not so sure about that.
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Old March 19th, 2014, 05:19 PM   #3702
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So can someone explain this in a simple sentence not a whole essay.
3WTC needs tenants to restart construction.

Tenants need construction to restart before they rent out 3WTC.

Silverstein wants the government to front a lot of cash to guarantee the tower gets finished in a timely manner, so that tenants can be attracted.

Also keep in mind: this cash injection is not all a sunk investment thing. An unfinished stump pays far less rent than a finished tower.

The worry is this: There's no shortage of office space in New York. And the newer offices (Hudson Yards) are nicer, cheaper, and more convenient. Better transportation, better residences, better everything.

3WTC is also expensive.

And Silverstein is some kind of sith lord.
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Old March 19th, 2014, 08:43 PM   #3703
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As much as I want this tower Built, The NY-NJPA has multiple High grade infrastructure projects it needs to get done taking on the financial responsibility for this will not help them complete those projects, so I think they're going to vote no.
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Old March 19th, 2014, 09:06 PM   #3704
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Looks like it will take a little longer to find out what will happen as the vote today is expected to be postponed to give more time to hammer out a deal.

Crucial vote on fate of 3 WTC faces delay

Port Authority decision on a possible quintupling of financial support for the World Trade Center tower to $1.1 billion will probably be put off until April or May to allow more time for negotiations with developer Silverstein Properties.

http://www.crainsnewyork.com/article...tc-faces-delay

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The Port Authority of New York and New Jersey is expected to postpone Wednesday its vote on a deal that would substantially increase its financial backing of 3 World Trade Center, the $2 billion-plus office tower planned at the World Trade Center site in lower Manhattan.

The Port Authority’s board of commissioners, which has a monthly meeting Wednesday afternoon, will likely grant its vice chairman Scott Rechler and Port Authority staff permission to continue negotiating a deal with the tower’s developer, Silverstein Properties. The vote would then be put off until April or May.

Mr. Rechler, who in addition to being one of the Port Authority’s top New York officials is a major Manhattan landlord, has championed a plan to hike the Port Authority’s financial guarantee on the tower to about $1.1 billion from $200 million currently. That means that if Silverstein Properties defaults on its loans for the proposed 2.5 million square foot, 80-story office tower, the Port Authority would have five times as much money at risk in the deal. That possibility has created divisions among the Port Authority’s commissioners, who must approve the deal by a majority vote.

Mr. Rechler stresses that the risk of being put on the hook for that money is slim and that in a worst-case scenario in which the agency did indeed have to take control of the tower, it would be getting a brand new office building at a substantially discounted price.

“If we were to get 3 World Trade Center at that value, it would be very easy for us to make that building a financial success,” Mr. Rechler said.

The deal essentially would make the Port Authority the backer of the building’s senior mortgage, so that if Silverstein Properties defaulted, the Port Authority would be obligated to step in and take control and shoulder the debt itself. Mr. Rechler’s proposed deal requires Silverstein Properties to up its own investment in the project by 50%, to $450 million. That would mean that the developer would have more skin in the game, which Mr. Rechler said better protects the Port Authority.

“Overall, I believe this is a much better deal for the Port Authority and it’s a deal that will assure that the site will be completed,” Mr. Rechler said.

The prospect of a new office tower at the WTC site has also stirred concerns. Silverstein Properties so far has attracted one tenant to anchor the property, media-services giant GroupM, which has agreed to lease just over 500,000 square feet there. But that would still add about 2 million square feet of vacant space in a downtown market that is already awash in available space.

Silverstein Properties needs further backing from the Port Authority because it has not been able to secure a construction loan under the present terms set up for the building. According to a deal ironed out three years ago, the Port Authority, the city and the state all agreed to kick in about $200 million apiece in guarantees for the tower.

According to a source, some board members have bristled at the prospect of investing more in the proposed tower, especially as the Port Authority still has more than 1 million square feet of its own to fill next door at 1 World Trade Center. Others have expressed a willingness to go along with the plan so long as it includes a provision to potentially delay the construction of 3 World Trade Center so that it doesn’t compete as much with the surrounding office space that is presently searching for tenants. It’s not clear if that timing would work for GroupM.

3 World Trade Center, which is presently capped at about eight stories, would need to reach a deal to have Silverstein Properties build the tower now in order to a complete a sale of its retail space to Westfield.

That large retail company has agreed to buy the WTC’s entire retail complex for $1.4 billion. Westfield has also agreed to pay about $150 million for the space at the base of 3 World Trade Center but is unwilling to do so until construction of the tower above it has been completed.
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Old March 19th, 2014, 09:16 PM   #3705
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Fingers, arms, legs, and eyes crossed that they come to an agreement.... it's a logical win win for Silverstein, the Port Authority , Westfield and New York City but in the World Trade Center rebuilding process logic has been something that for long stretches has been in short supply!
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Old March 19th, 2014, 09:40 PM   #3706
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That's because if the WTC wasn't associated with a national tragedy, and it didn't have an extra layer of public pressure to be finished as planned, there's no way it would have been designed as it has. It's caught in a bind, because it has to be built and finished (or the terrorists win, as if they hadn't already). But it also doesn't need to be built from a financial/economic standpoint. There's plenty of office space in Manhattan.

So Silverstein can leverage the public's desire to see the WTC finished (which is pretty overwhelming, as I understand) against the financial pressures of actually doing so (which are just as fraught.)

Obviously, in a perfect world the original towers would still be standing and the phrase World Trade Center would be as boring and meaningless as the original gray boxes were. But that's another life, and the American public will not tolerate the World Trade Center reconstruction being a failure. Even if the fiscal realities mean that - without that narrative - it should be.
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Old March 19th, 2014, 09:51 PM   #3707
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Quote:
Originally Posted by Vertical_Gotham View Post
Looks like it will take a little longer to find out what will happen as the vote today is expected to be postponed to give more time to hammer out a deal.

Crucial vote on fate of 3 WTC faces delay

Port Authority decision on a possible quintupling of financial support for the World Trade Center tower to $1.1 billion will probably be put off until April or May to allow more time for negotiations with developer Silverstein Properties.

http://www.crainsnewyork.com/article...tc-faces-delay

[/B]
Which means construction will not start for another few months, regardless of the outcome of the vote.

Well, I guess the famous "patience is a virtue" saying really does apply, because by now, one could go crazy with all those delays of construction plaguing the WTC site for nearly 2 decades

Last edited by Nonoka; March 20th, 2014 at 12:24 AM.
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Old March 19th, 2014, 09:58 PM   #3708
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There's no way Silverstein will live to see this complex finished.
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Old March 19th, 2014, 10:01 PM   #3709
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Originally Posted by SomeKindOfBug View Post
It's caught in a bind, because it has to be built and finished (or the terrorists win, as if they hadn't already).
If the terrorists had won, as you seem to have implied above, there would be no supertalls being built in NYC and the WTC would have been redesigned far differently. There is also a chance that fear would have led to a mass exodus from NYC and the city could currently be in decline. I think the opposite is the case. Although they may have won a battle, they did not win the war and the resilience of NYC and its people have prevailed over terror.
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Old March 19th, 2014, 10:15 PM   #3710
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The worst thing which has screwed a lot of the effort is the completely unnecessary Calatrava designed grand terminal which in overruns has cost billions. Just a very nice station would do, but I'm pissed off as a New Jersey resident that the part of the Port Authority controlled by my state was the one that pushed so hard for this white elephant. No, the terrorists didn't win but the bureaucrats sure stepped in and pissed on things just fine. Bureaucratic turf wars are a surefire recipe for long periods of inertia and/ or incompetence, and for long periods there was no one accountable to make sure things got done so the several different bureaucracies involved preened and delayed and pointed fingers at the others for quite a while.

As for not needing the office space that's not really true as having brand new buildings built to modern specifications for the needs of business in the 21st century is nothing to be sneezed at. Hopefully within a decade we will see the completion of all four towers, not merely twin monoliths of gray corporatism but four vastly different incarnations of the spirit of Americans to renew, rebuild and come out stronger. I just hope for that day we see them all soaring proudly together.
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Old March 19th, 2014, 10:19 PM   #3711
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aaarghhhh ! For my sanity l'm going to stay away from this thread lol
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Old March 19th, 2014, 10:39 PM   #3712
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Originally Posted by Nonoka View Post
Which means construction will not start for another few months, regardless of the outcome of the vote.

Well, I guess the famous "patience is a virtue" saying really does apply, because by now, one could go crazy with all those delays of construction plagging the WTC site for nearly 2 decades
To me it is indicative to how difficult it is to market this office space. With plenty of demand we wouldn't have this mess.
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Old March 20th, 2014, 01:23 AM   #3713
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If the terrorists had won, as you seem to have implied above, there would be no supertalls being built in NYC and the WTC would have been redesigned far differently. There is also a chance that fear would have led to a mass exodus from NYC and the city could currently be in decline. I think the opposite is the case. Although they may have won a battle, they did not win the war and the resilience of NYC and its people have prevailed over terror.
Yeah, we're not going to launch into the whole war on terror debate here. But NYC, and America, have most definitely not prevailed over terror. One look at the 1WTC lobby is enough to prove that point.
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Old March 20th, 2014, 01:37 AM   #3714
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Originally Posted by SomeKindOfBug View Post
Yeah, we're not going to launch into the whole war on terror debate here. But NYC, and America, have most definitely not prevailed over terror. One look at the 1WTC lobby is enough to prove that point.
Come on, you have to take some sound logical precautions based on what happened on that dreadful day. But, the spirit of NY'ers and the city has not allowed itself to be overcome with fear and life thrives in this booming city, with supertalls going up everywhere and a growing population. Terror is always a danger given what NY represents, but the outcome that the terrorists wanted, spreading paralyzing fear into the psyche on the populace, was short lived and will be short lived if it were to ever happen again. The doom and gloom naysayers painted a much gloomier picture after 9/11. If that had happened, yes terror would have won. The indomitable spirit of NY rises like the pheonix after any major setback which is a credit to the strong and resilient people of NYC.
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Last edited by aquablue; March 20th, 2014 at 01:44 AM.
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Old March 20th, 2014, 02:12 AM   #3715
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I appreciate your optimism but let's face the obvious. The terrorists did win. The speeches that politicians give about America being resilient is bullshit. Nearly 13 years later and it is still a construction site controlled by ruthless bureaucrats who took an extended amount of time to get their shit together. America is full of corrupt politicians, corrupt government officials, and the list goes on. Our economy nearly went to hell because of these morons running our country.

Just think about who is really paying for these towers. We, the people are. The Federal Government hasn't done anything to rebuild the WTC nor fix the devastation they have caused for not preventing 9/11. We really aren't that much safer. Maybe at the airports, but god forbid other places these sick bastards may try to attack next. Just remember what happened in Boston last year. The whole "failure of imagination" is a load of crap and the American people need to understand that.

The hijackers were insane mad men but just remember who let them in this country. It could have been avoidable and people tend not to blame the Govt that often. New Yorkers will forever be reminded of 9/11. It may take 100 or so years for the memory of 9/11 to bite the dust because by then most people who lived through it will be deceased. Only then will New York really be back to normal, well at least for the future generation of New Yorkers.

The new Towers that are built so far are beautiful and I'm glad they are finally standing, but none of this should have happened.

I often question what the hell good is Silverstein if the PA is financing his three towers, well two until 2 WTC lands a major tenant.....

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Old March 20th, 2014, 02:39 AM   #3716
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This will be nothing more than a delay, Gov Cuomo and the PA don't want another WTC setback in their hands and the mere fact that they want to take an extra month to get the issue resolved means that they wanna make sure that the only outcome is that the tower gets built.
It wasn't expected to resume construction till the summer anyway so it might be a bump in the road but not a full stop sign.
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Old March 20th, 2014, 04:57 AM   #3717
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Port Authority to Vote Next Month on WTC Tower Financing
http://www.bloomberg.com/news/print/...financing.html

The Port Authority of New York and New Jersey held talks about financing to help developer Larry Silverstein build 3 World Trade Center in lower Manhattan, and its vice chairman said a decision will be made next month.

In private, the agency discussed a plan advocated by Vice Chairman Scott Rechler to guarantee $1.2 billion of financing to Silverstein for the planned 2.5 million-square-foot (232,000-square-meter) tower. Rechler, speaking after the meeting in Jersey City, New Jersey, said he spent the session “educating” his fellow commissioners about the proposal and that they intend to vote on it in April.

“The board had a whole bunch of information supplied to them today,” Rechler said in a brief interview. “And it’s appropriate to have them have a chance to reflect on it and digest it.”

Silverstein is seeking to alter a 2010 agreement that set the terms under which he could build 3 World Trade Center, the third of four skyscrapers planned for the lower Manhattan site. The outcome of the discussions could determine whether Silverstein can proceed with construction on the 80-story tower, in which the advertising firm GroupM agreed to take 516,000 square feet of office space.

Port Authority Director Patrick Foye described the closed-door discussions as “extensive.” He declined to give his own position on extending the financing.

Under the current plan, Silverstein would be entitled to a total of $600 million in cash assistance, from the city and state as well as the Port Authority. The Rechler proposal would require the developer to raise his equity and mezzanine-debt stake to $450 million from $300 million. Under the plan, the $1.2 billion guarantee would apply only in case of default.
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Old March 27th, 2014, 09:15 PM   #3718
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They've started doing stuff on the roof,
It looks promising
Cant post a pic, click the link http://www.earthcam.net/archives/a31...03/27/1346.jpg
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Old March 27th, 2014, 09:50 PM   #3719
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the new WTC is an endless story.....

i wouldn't wonder if we would have to wait until 2025 or later until all towers are completed ( including Tower 2 )
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Old March 27th, 2014, 09:54 PM   #3720
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They've started doing stuff on the roof,
It looks promising
Cant post a pic, click the link http://www.earthcam.net/archives/a31...03/27/1346.jpg
I won't take any action seriously until they announce if they will actually even start the thing.
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