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Old April 11th, 2014, 09:41 PM   #3821
Eric Offereins
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Quote:
Originally Posted by Skyscrapers144 View Post
Wow it looks amazing. Love the cladding.
The glass looks just as shiny as the glass of 4WTC. Should be very cool to see both completed next to each other.
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Old April 12th, 2014, 07:43 AM   #3822
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Originally Posted by MarshallKnight View Post
GroupM may be able to back out. We don't know what the terms are. Silverstein would want to avoid a lawsuit, but if they think they stand to lose more money building a mostly-empty building than they would from reneging on their GroupM deal, they might suck it up and deal with it in (or out of) court. I think of it like that Fight Club quote about recalls.

That said, they're really going to shoot themselves in the foot if they let the WTC stay a noisy, messy, inaccessible construction site. That will not attract tenants. Catch-22, really: can't attract tenants until the construction gets done; can't finish construction until they have tenants.

Unfortunately, Silverstein has at least a partial solution readily available: take out the fences around the 3 WTC base and start up the retail component without building the tower. There'd still be 2 WTC, but fully opening up the around around 3 and 4 would be much more appealing to prospective tenants in 4 and 1.

I'm crossing my fingers that Silverstein just has an existential legacy crisis and breaks the bank to get these things built. Barring that, it's easy to see this cycle carrying on for a long time.
The PA would be completely dumb to not finance the tower. Westfield already said they will not put retail in tower 3 while it's in limbo...I guess they won't risk having retail while they are constructing a skyscraper above it or idk if they can.....they have an anchor tenant and nobody is going to move in unless they build it..nobody wants to work in an active construction zone.
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Old April 13th, 2014, 01:29 AM   #3823
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Quote:
Originally Posted by Eric Offereins View Post
The glass looks just as shiny as the glass of 4WTC. Should be very cool to see both completed next to each other.
Haha yesss. I'm gonna love the slight contrast between both buildings since the glass on 3WTC is a bit darker than 4WTC's.
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Old April 13th, 2014, 06:43 AM   #3824
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Originally Posted by Msradell View Post
The bars are actually straight and flat, the lens of the camera just distorts them to make them look like they are curved.
No, I mean at the very ends of the clad diagonal bar, it angles outwards a bit.
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Old April 13th, 2014, 08:56 AM   #3825
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I agree. The New WTC is inevitable. The PA should focus on its purpose; protecting the entry ways to the US and improving the infrastructure of the NY/NJ area.
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Old April 13th, 2014, 06:50 PM   #3826
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I don't think that the PA should accommodate Larry any further. Towers 2 and 3 will fill up in time. Who knows? Maybe it will take ten or fifteen years, but the demand will be there. The PA has a lot of projects, including the new LaGuardia, etc., that should take precedence over enriching Silverstein.
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I agree. The New WTC is inevitable. The PA should focus on its purpose; protecting the entry ways to the US and improving the infrastructure of the NY/NJ area.
I have to disagree on this subject. If the PA hadn't dragged things out so long and opposed so many ridiculous constraints (okay somewhere from the Police Department) these buildings would've cost a lot less and be completed already. The PA cost Larry and many others a lot of money so they should at least back the bonds as a form of compensation.
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Old April 15th, 2014, 02:02 AM   #3827
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As of April 14th, 2014 (7PM EST)...


EarthCam
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Old April 15th, 2014, 06:48 AM   #3828
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delete, sorry, thought I saw something new.
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Old April 15th, 2014, 08:45 AM   #3829
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What is that? A stain?

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Old April 16th, 2014, 02:01 PM   #3830
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Oh come now people. Every time a bird craps on the 3WTC foundation the entire thread lightens up! Please please please people, persist from commenting until there really is news!
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Old April 16th, 2014, 04:57 PM   #3831
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Few things:

First, that is not a foundation. Second, that thing AJB circled is not bird crap
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Old April 16th, 2014, 05:26 PM   #3832
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Oh come now people. Every time a bird craps on the 3WTC foundation the entire thread lightens up! Please please please people, persist from commenting until there really is news!
I do not disagree, however they are doing something on the apparent roof over the past few weeks so something is happening.

As I said before until a crane shows up I am not getting excited but none the less something is happening up top which has seen no activity in the months prior.
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Old April 16th, 2014, 09:03 PM   #3833
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Few things:

First, that is not a foundation. Second, that thing AJB circled is not bird crap
could be:
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Old April 16th, 2014, 09:04 PM   #3834
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I think that's a porcupine that bit into an electrical wire.
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Old April 17th, 2014, 11:22 AM   #3835
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Originally Posted by A.J.B 22 View Post
What is that? A stain?

It is the remains of a Christmas tree...
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Old April 18th, 2014, 09:16 PM   #3836
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...which summarizes its proces quite effectively
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Old April 21st, 2014, 08:23 AM   #3837
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http://m.us.wsj.com/articles/SB10001...?mg=reno64-wsj
April 20, 2014 10:04 PM
Port Authority Debates Third World Trade Center Tower
Slow Leasing at First Two Buildings and Prospect of Aid for Another Prompts Discussions

By ELIOT BROWN
The prospect of the Port Authority of New York and New Jersey giving aid to build a third World Trade Center tower amid slow leasing at the first two has led to a new concept at the bistate agency: open debate.
Kenneth Lipper, an investment banker who serves on the Port Authority's board of commissioners, has broken with long-standing practice by publicly lobbying against an agency proposal to back $1.2 billion in financing to give rise to developer Larry Silverstein's planned $2.3 billion tower known as 3 World Trade Center.

Behind the debate is a more fundamental tension, over the role of the government in real estate at the World Trade Center, that has roiled the Port Authority for decades. A vote on the proposal is scheduled for Wednesday at the agency, which owns the region's airports and Hudson River crossings. Mr. Silverstein's would be the third of four planned buildings on the 16-acre site downtown.
Mr. Lipper's criticism has turned what was poised to be a decision with relatively little public attention into a closely watched one with potential for multiple "no" votes. At the Port, that is a rarity.
"We can't have these peripheral distractions," said Mr. Lipper, an investment banker and former New York City deputy mayor. Development of the tower, he added," is a clear core private sector function…it's an inappropriate investment for us."
But supporters of the deal see a role for the agency in fully rebuilding the property that was destroyed by terrorists on Sept. 11, 2001. "It's part of our mission to finish it," said Scott Rechler, the Port Authority's vice chairman.
The agency owns the land under the site and has invested billions in the area, including a giant new station for the PATH train, retail and an underground bus garage. In addition, Mr. Rechler said, the deal had many advantages compared with a 2010 deal on the tower. The earlier agreement also pledged hundreds of millions of dollars of financing support but wasn't enough to get the 1,170-foot building off the ground today.
"We've already begun the process, we now need to finish the process," said Mr. Rechler, who added that the agency would get a large financial boost if the tower is completed and successful. That includes tens of millions of dollars in fees as well as rent payments, which could ultimately to rise to more than $25 million a year from about $6 million now.
The agency had been trying to get out of the real-estate business for years when it signed a 99-year lease to the Twin Towers with Mr. Silverstein in the summer of 2001. Six weeks later, they were destroyed in the Sept. 11 terror attacks.
Mr. Silverstein initially assumed the lead in rebuilding the office space with some federal aid in the form of tax-free bonds. But the Port Authority took over development of One World Trade Center, the site's signature tower, in 2006 after government officials feared Mr. Silverstein wouldn't have the money to be able to build all four towers at once. Then it agreed to back the financing on 4 World Trade Center in 2010 in a deal to end a fight with Mr. Silverstein given that private financing was limited and the agency had caused delays.
Now, with the prospect of a third tower with Port Authority, Mr. Lipper and some onlookers say the agency has gone too far.
"The Port Authority should stop using its access to credit to finance things that are not related to the Port Authority's core mission," said Richard Ravitch, New York's former lieutenant governor and a onetime chairman of the Metropolitan Transportation Authority. Mr. Ravitch, also a real-estate developer, said the tower should wait until Mr. Silverstein "could get this financed commercially."
Also adding to the debate is the progress of leasing. Neither One World Trade nor 4 World Trade has signed a lease with a private office tenant in nearly three years. Between them, that leaves more than 2.5 million square feet of unleased space—double the size of the Chrysler Building—at a time of contraction of the big banks that are among such buildings' likelier prospective tenants.
Mr. Silverstein has signed a lease with advertising firm GroupM for 515,000 square feet at 3 World Trade. That would leave another 2 million square feet of unleased space, although the tower would take more than three years to build.
Among others, landlord Douglas Durst—the Port Authority's co-owner of One World Trade—has lobbied against the 3 World Trade deal without changes that include a delay in leasing to mid-size tenants for four years, according to people familiar with the issue. He fears the deal could lead the new three towers to compete with each other and drive down rents.
Mr. Rechler, a large Manhattan office landlord, said the lower Manhattan market had strengthened recently, giving him confidence about the prospects for all three towers. In addition, the deal allows for more than a decade of slow leasing before the tower would default on its loan and the Port Authority would cover debt payments.
The 2010 deal with Mr. Silverstein required him to find a 400,000 square- foot tenant before multiple government agencies would commit to covering $390 million of debt-service shortfalls on a nearly $1.4 billion loan and give $210 million in direct aid. But Mr. Silverstein would likely need a larger tenant before he would be able to raise the remaining money to fund the $2.3 billion tower.
Under the Port Authority's new proposed deal, the $390 million would be largely restructured as the Port Authority covering a $1.2 billion loan. In exchange, Mr. Silverstein would raise $450 million in money that would only be paid off after the $1.2 billion loan, and the Port Authority would have the right to foreclose in the event of a default.

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Old April 21st, 2014, 12:04 PM   #3838
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Port Authority isn't going to pay for this, I think.
Is there a scenario possible in which only the floors for GroupM will be built now and the remaining floors later?
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Old April 22nd, 2014, 12:04 AM   #3839
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Port Authority isn't going to pay for this, I think.
Is there a scenario possible in which only the floors for GroupM will be built now and the remaining floors later?
No chance. I doubt a tenant would want to occupy a building that was only half finished. It'd be a huge inconvenience when construction resumed.


In other news,
Tom Ford, Tiffany, Armani likely to take WTC street retail: sources

"High-fashion designers Tom Ford and Giorgio Armani and luxury jeweler Tiffany & Company appear set to occupy three of the coveted street-level stores in the under-construction World Trade Center shopping complex, multiple retail sources told The Real Deal..."

"...Tom Ford is expected to take a corner in the base of 4 World Trade Center, while Armani and Tiffany will likely take space in 3 World Trade Center next door, sources said. Each store would have entrances on Church Street, between Liberty and Fulton streets..."
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Old April 22nd, 2014, 12:07 AM   #3840
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I think the PA will be more obligated to build this now since there is potential retail tenants lined up.
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